Homeownership Returns, Tenure Choice and Inflation
修改了住房使用成本模型的假设，区分未预期和预期通胀的影响，实证发现预期通胀下住房所有权回报低于以往研究，且与有效市场一致。
This paper empirically investigates the impact of inflation on homeownership returns and tenure choice when the assumptions underlying the user cost of housing are modified to reflect separately the effects of unanticipated and anticipated inflation. The analysis demonstrates that when the user cost model is specified to reflect the impact of anticipated inflation on house prices, the mortgage interest rate and the capitalization rate, the returns to homeownership are lower than determined by previous user cost studies and are consistent with a reasonably efficient market.