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200301 ||| eng |
| 020 |
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|a 9781498302722
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| 100 |
1 |
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|a Lian, Weicheng
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| 245 |
0 |
0 |
|a Fundamental and Speculative Demands for Housing
|c Weicheng Lian
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2019
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| 300 |
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|a 54 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Inflation
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| 653 |
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|a Wealth
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| 653 |
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|a General Aggregative Models: General
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| 653 |
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|a Real Estate
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| 653 |
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|a Price structures
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| 653 |
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|a Infrastructure
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| 653 |
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|a Saving
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| 653 |
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|a Economic Development: Urban, Rural, Regional, and Transportation Analysis
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| 653 |
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|a Deflation
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| 653 |
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|a Nonagricultural and Nonresidential Real Estate Markets
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| 653 |
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|a Housing Supply and Markets
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| 653 |
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|a Housing
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| 653 |
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|a Housing; Prices
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| 653 |
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|a National accounts
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| 653 |
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|a Property & real estate
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| 653 |
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|a Price Level
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| 653 |
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|a Cycles
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| 653 |
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|a Consumption; Economics
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| 653 |
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|a Saving and investment
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| 653 |
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|a Consumption
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Macroeconomics: Consumption
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| 653 |
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|a Real Estate Markets, Spatial Production Analysis, and Firm Location: General
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| 653 |
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|a Business Fluctuations
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| 653 |
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|a Land prices
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| 653 |
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|a Housing prices
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781498302722.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2019/063/001.2019.issue-063-en.xml?cid=46659-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine user-cost-of-housing and the elasticity of substitution between land and structures in producing housing services. I find that the impact of demand for housing services on house prices is amplified by a small elasticity of substitution, and demand explained four fifths of the U.S. house price boom in the 2000s
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