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This paper develops a growth model with land, housing services, and other goods that is capable of explaining a substantial portion of the movements in housing prices over the past forty years. Under certainty, the model exhibits a balanced aggregate growth, but with underlying sectoral change....
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and equity returns. In a model generating costly business cycle fluctuations, we find that restrictions on housing supply …
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underlying supply and demand curves. Such information, however, is needed to determine contemporaneous changes in consumer and … producer well-being. To address these issues, this paper derives supply and demand indices, links the indices to structural …. Empirical applications are presented for the US cattle, hog, and chicken sectors and for county-level corn supply. We show that …
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