This paper explores the baby boom's impact on U.S. house prices and interest rates in the post-war 20th century and beyond. Using a simple Lucas asset pricing model, I quantitatively account for the increase in real house prices, the path of real interest rates, and the timing of low-frequency...

Since 1975, the aggregate value of residential land has averaged approximately 90% of GDP and has recently risen to 125% of GDP. In this paper, I use a calibrated general-equilibrium model with idisyncratic labor productivity draws to attempt to measure the extent to which current tax policies,...