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Fundamental and Speculative Demands for Housing
by Weicheng Lian

Series:Working Paper No. 19/63
ISBN 9781498302722
Code: #WPIEA2019063

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
54 pages
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This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine user-cost-of-housing and the elasticity of substitution between land and structures in producing housing services. I find that the impact of demand for housing services on house prices is amplified by a small elasticity of substitution, and demand explained four fifths of the U.S. house price boom in the 2000s.
Fundamental and Speculative Demands for Housing
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 124775 Added: 2019.4.6