This chapter surveys the literature on housing in macroeconomics. We first collect facts on house prices and quantities in both the time series and the cross section of households and housing markets. We then present a theoretical model of frictional housing markets with heterogeneous agents...

This study aims to improve our understanding of the determinants of land values in large cities. We use two methods to recover land values. First, we rely on so-called teardown sales, which occur when a buyer purchases a property intending to demolish the existing structure and rebuild. As...

Most analyses of the determinants of land prices in urban areas make inferences from data on housing transactions which combine payments for land and long-lived improvements. In contrast, this study utilizes a large sample of market transactions on unimproved land in a major US metropolitan area...

In this paper, we construct a dataset of annual expected forest profits in New Zealand from 1990-2008 at a fine spatial resolution. We do not include land values in any of our profit calculations. We estimate four measures of expected forest profits based around net present value (NPV), land...

This paper examines how differences in climate across space influence the value of New Zealandagricultural land. We use the Ricardian approach to price the climate, using property valuationdata from 1993 to 2018. We apply the ‘spatial first differences’ method, which comparesdifferences in...