Residential Buildings and the Cost of Construction: New Evidence on the Efficiency of the Housing Market
通过检验新建住宅价格与建造成本的关系，以及不同房龄建筑的价格冲击消散速度，发现温哥华独栋住宅的建筑市场是有效的，住房市场低效可能源于土地市场。
Present value studies of asset market efficiency are controversial because they compare asset prices to unobserved discounted streams of future rents. As an alternative, if housing markets are efficient, then the price of residential capital or buildings should satisfy the following two conditions: (i) deviations between new building prices and construction costs should disappear faster than construction lags and have no effect on construction, and (ii) temporary building price shocks should dissipate at a similar rate for different vintage buildings. Results from an errorcorrection model support both hypotheses for single-family housing in Vancouver, British Columbia. This implies that the implicit market for residential buildings is efficient and that any inefficiencies in the housing market must lie in the market for land itself. © 1999 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology