Social Returns to Housing and Other Fixed Capital
利用1929-1986年美国国民收入数据，计算住房资本相对于其他私人固定资本的回报，发现住房资本的实际回报更低且波动更大。
This paper addresses the efficiency of the allocation of the capital stock between housing and other types of private capital. Using national income data from 1929 to 1986 the returns to housing capital relative to all other private fixed capital are computed. The analysis indicates that the real returns to capital have been much smaller and much more variable for housing than for non‐housing fixed capital in the U.S. economy.