Has the United States Overinvested in Housing?
利用1929-1983年美国数据，在两部门新古典增长模型中估算住房与非住房资本的社会回报率，发现住房回报率约为非住房的一半，住房存量应降至1983年水平的75%。
Several economists have concluded that housing investment has been excessive relative to industrial investment in the U.S. Most blame provisions of the federal income tax that favor owner‐occupied housing. This paper poses the question within a two‐sector neoclassical growth model which permits the social return to housing to differ from that to non‐housing. The model is estimated using national income accounts and capital stock data from 1929 to 1983. The conclusion is that the return to housing capital is about half that to non‐housing capital and that the housing stock should be about 75% of its 1983 volume.