search query: @author Topel, R. / total: 5
reference: 4 / 5
| Author: | Topel, R. Rosen, S. |
| Title: | Housing investment in the United States. |
| Journal: | Journal of Political Economy
1988 : AUG, VOL. 96:4, p. 718-740 |
| Index terms: | HOUSING INVESTMENT USA |
| Language: | eng |
| Abstract: | A supply-determined model of housing investment is estimated from quarterly data over the 1963-83 period. The model is built on dynamic marginal cost pricing considerations and allows short- and long-run supply elasticities to differ. These are estimated as 1.0 and 3.0, respectively, but most of the long-run responses occur within 1 year. Rapid adjustment speed and the sizeable long-run elasticity of supply are important factors in understanding the volatility of housing investment. The data also suggest some anomalies in the expected present value theory of asset pricing for housing capital. |
SCIMA