Rental Price Adjustment and Investment in the Office Market
利用1979-1983年十四个城市的数据，研究了写字楼市场租金的调整机制和投资对租金的反应，发现投资受租金和长期就业增长影响，但未出现蛛网式过度反应。
This study presents estimates of the rental price adjustment mechanism and investment response in the office construction market using data from fourteen cities over the period 1979–1983. Market rents are seen to adjust in response to local as well as national economic conditions. Investment, as measured by building permits, responds strongly to rent in a two‐stage regression model, as well as to the long‐term growth rate of office employment. Tests for a cobweb‐type overreaction by investors do not reveal any cyclical characteristics of the market, indicating that the effects of random demand shocks are not felt beyond the normal construction period.