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This paper provides a novel macroeconomic model that is specifically designed to investigate the evolution of housing wealth. To capture the importance of land as an input factor for housing production and for the evolution of wealth in a growing economy, the analysis builds on three premises:...
Persistent link: https://www.econbiz.de/10011451042
The housing wealth-to-income ratio has been increasing in most developed economies since the 1950s. We provide a novel theory to explain this long-term pattern. We show analytically that house prices grow in the steady state if i) the housing sector is more land-intensive than the non-housing...
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The higher education system in the United States is characterized by a large degree of quality heterogeneity, and there is a growing literature suggesting students attending higher quality universities have better educational and labor market outcomes. In this paper, we use NLSY97 data combined...
Persistent link: https://www.econbiz.de/10013036912
The higher education system in the United States is characterized by a large degree of quality heterogeneity, and there is a growing literature suggesting students attending higher quality universities have better educational and labor market outcomes. In this paper, we use NLSY97 data combined...
Persistent link: https://www.econbiz.de/10012460584
housing market was privatized in urban China in the 1990s. To the surprise of many policy makers and economists, more than 80 …% of the households in urban China owned private housing by the end of 2010. In contrast to most developed countries, we … baby boom (1949-1978) in urban China. However, there is no such brother effect for females. The brother effect is stronger …
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