Housing Investment in the United States
基于1963-83年季度数据估计住房供给模型，发现短期供给弹性为1.0、长期为3.0，调整速度快，有助于理解住房投资波动，并指出资产定价理论存在异常。
A supply-determined model of housing investment is estimated from quarterly data over the 1963-83 period. The model is built on dynamic marginal cost pricing considerations and allows short- and long-run supply elasticities to differ. These are estimated as 1.0 and 3.0, respectively, but most of the long-run response occurs within one year. Rapid adjustment speed and the sizable long-run elasticity of supply are important factors in understanding the volatility of housing investment. The data also suggest some anomalies in the expected present value theory of asset pricing for housing capital. Copyright 1988 by University of Chicago Press.