The recent dramatic rise in house prices in Dublin has been regularly discussed in the media. An obvious question is whether the seemingly ever-increasing house prices are driven by market fundamentals or by speculation? While the observed increase in house prices is due to excess demand for...

In the last few years there has been many comments made in the media about the Irish housing market boom. This paper focuses on two of these comments. The first comment is that some economists have suggested that a speculative bubble might be present in Irish house prices. The second comment is...

A trivariate vector autoregression time series process, based on a present-value land price model, is used to decompose Iowa farmland prices into fundamental and non-fundamental components. A recent study, by Falk and Lee (1998), found that non-fundamental shocks are an important source of...