Inflation and Housing Prices*
推导了房价与租金倍数（资本化率）的决定因素，并计算1963至1978年美国数据，发现房价增速快于租金和CPI，主要因资本化率上升33%，源于融资条件宽松和租金预期增长超过贴现率。
Home ownership is a claim on the stream of net rents. Like any income‐producing asset, the market capitalizes its value. The price‐rent multiple depends upon the expected growth rate of revenues and expenses, on financing terms, and on taxes. This paper derives this price‐rent multiple in terms of these variables and calculates its value from 1963 through 1978. The results indicate that housing prices grew more rapidly than rents and the CPI largely as the result of a 33% increase in the price‐rent multiple over those years. This increase in the capitalization rate occurred, despite higher nominal financing terms, because the relative terms of housing finance tended to ease and because the expected growth rate of rents increased more than its discount rate.