The Markets for Real Estate Assets and Space: A Conceptual Framework
提出了一个将房地产市场分为空间市场和资产市场的分析框架，用美国数据展示两者联系，并分析外部冲击对租金、资产价格、建设量和存量的影响。
In this study, we present a simple analytic framework that divides the real estate market into two markets: the market for real estate space and the market for real estate assets. After describing the size and character of flows and stocks in the U.S. real estate market, we use our framework to demonstrate the important connections between the space and asset markets. We illustrate how these real estate markets are affected by the nation's macroeconomy and financial markets, tracing out the impacts resulting from various exogenous shocks on rents, asset prices, construction and the stock of real estate.