Land-Price Dynamics and Macroeconomic Fluctuations
研究发现土地价格与商业投资的正向联动是土地价格影响宏观经济的关键机制，通过将土地作为企业信贷抵押品并识别驱动土地价格波动的冲击，模型放大了经济波动。
We argue that positive co-movements between land prices and business investment are a driving force behind the broad impact of land-price dynamics on the macroeconomy. We develop an economic mechanism that captures the co-movements by incorporating two key features into a DSGE model: We introduce land as a collateral asset in firms' credit constraints, and we identify a shock that drives most of the observed fluctuations in land prices. Our estimates imply that these two features combine to generate an empirically important mechanism that amplifies and propagates macroeconomic fluctuations through the joint dynamics of land prices and business investment.