Inflation, Taxes, and the Value of Agricultural Assets
研究发现，在农业土地供给近乎完全无弹性而可折旧投入供给近乎完全有弹性的条件下，通货膨胀上升时土地价值比可折旧资产价值增长更快，且这一结果在三个数据集上得到验证。
Recent literature suggests that the value of land may increase faster than the value of depreciable assets when inflation increases. Here, we affirm that result for the specific conditions facing agriculture-where the supply of agricultural land is nearly perfectly inelastic and the supply of depreciable inputs is nearly perfectly elastic. The result is confirmed using three different data sets. The result implies that factor intensity of land relative to depreciable assets may change over time in response to changes in inflation, even in the absence of biased technical change.