"Rigorous analysis of cycles in the economy began with Wesley Michell's Business Cycles: The Problem and the Setting. Michell's work was a much broader examination then Irving Fisher's much earlier study, The Rate of Interest, that formalized the linkage between inflation and interest rates. The...

This article chronicles the past, present, and future of the American Real Estate Society (ARES). The primary mission of ARES is to be the leading real estate research and education organization globally that influences real estate thought leadership and decision making. To accomplish this...

Traditional real estate valuation models stabilize cash flow variables in a single- or multi-year pro forma, assume efficient markets, and impute property return/risk expectations into a current overall market capitalization rate to determine value. This traditional valuation framework is biased...

Inflation and inflation cycles have been a major underlying reason for the financial successes and failures of real estate investors in recent history. These cycles have complex impacts on cash flow variables and thus on real estate returns and investment values. This study presents a decision...