The land market cycle
构建了一个递归模型，分析农业土地市场中价格、价格预期与数量的动态互动，发现市场冲击会引发价格和数量的周期性波动，即土地市场周期，实证证据显示每个周期持续7-8年。
The present paper provides a theoretical analysis of agricultural land markets. A recursive model is set out to explore the dynamic interplay between prices, price expectations and quantities. According to the model, a shock to the market will generate a cyclical pattern of prices and quantities. This pattern is termed the land market cycle. Empirical evidence confirms the existence of such cycles, each having a duration of 7–8 years.