This paper shows that rising real estate prices reduce industry productivity, because they lead to a reallocation of capital and labor towards inefficient firms. I establish that the rise in real estate value during the US housing boom relaxes firms' financial constraints. Companies borrow...

This study simultaneously analyzes the real estate production function and economic depreciation of structures by using data from Japan and the U.S. The estimated share of structure value is used to infer returns to scale, the land-structure substitution, and the structure depreciation rate....

The influx of rich real-estate buyers into local housing markets would increase house prices, but the spillover effect onto rental prices is theoretically ambiguous. I estimate rich buyers’ impact during the Chinese buying boom in US residential housing markets, with $200 billion of purchases...