No Price Like Home: Global House Prices, 1870-2012

How have house prices evolved over the long run? This paper presents annual house prices for 14 advanced economies since 1870. We show that real house prices stayed constant from the nineteenth to the mid-twentieth century, but rose strongly and with substantial cross-country variation in the second...

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Vydané v:	The American economic review Ročník 107; číslo 2; s. 331 - 353
Hlavní autori:	Knoll, Katharina, Schularick, Moritz, Steger, Thomas
Médium:	Journal Article
Jazyk:	English
Vydavateľské údaje:	Nashville American Economic Association 01.02.2017 American Economic Assoc
Predmet:	1870-2012 19th century 20th century 21st century Agricultural prices Average prices Construction costs Decomposition Dwellings Economic growth Economic models Economics Historical analysis Houses Housing Housing needs Housing prices International Land economics Land prices Macroeconomics Price elasticity Price indices Prices Ratios Studies Trends Wealth World War II World wars
ISSN:	0002-8282, 1944-7981
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Shrnutí:	How have house prices evolved over the long run? This paper presents annual house prices for 14 advanced economies since 1870. We show that real house prices stayed constant from the nineteenth to the mid-twentieth century, but rose strongly and with substantial cross-country variation in the second half of the twentieth century. Land prices, not replacement costs, are the key to understanding the trajectory of house prices. Rising land prices explain about 80 percent of the global house price boom that has taken place since World War II. Our findings have implications for the evolution of wealth-to-income ratios, the growth effects of agglomeration, and the price elasticity of housing supply.
Bibliografia:	SourceType-Scholarly Journals-1 ObjectType-Feature-1 content type line 14 ObjectType-Article-1 ObjectType-Feature-2 content type line 23
ISSN:	0002-8282 1944-7981
DOI:	10.1257/aer.20150501