inflation. Given the disinflation of the 1980s, this explanation also seems consistent with the reversals in ownership and real … prices. Recent work challenges the standard view. Inflation is said to disfavor home ownership, and real house prices are …

This paper examines the effects of inflation on the allocation of resources between residential and nonresidential uses … the contributions of fixed-rate mortgages and differences in relative inflation rates to extraordinary earned real returns …