Understanding Farmland Price Changes
构建了一个包含通胀多重效应和资本机会成本变化的土地价格结构模型，发现通胀和资本实际回报率变化是解释农田价格波动的主要因素，并考虑了信贷市场约束和预期机制的影响。
Abstract This paper develops a structural model of land prices which includes the multidimensional effects of inflation on capital‐erosion, savings‐return erosion, and real debt reduction as well as the effect of changes in the opportunity cost of capital. The results show that inflation and changes in the real returns on capital are major explanatory factors in farmland price swings in addition to returns to farming. Additionally, the effects of credit market constraints and expectations schemes are considered explicitly in the analytical model.