Winners and Losers in Housing Markets
构建了一个包含土地和资本用于住宅与商业地产的生命周期生产经济模型，发现当土地在房地产价值中占比较大时，房价对生产率或利率变化反应更剧烈，导致净购房者与净售房者之间出现大规模财富再分配。
This paper is a quantitatively oriented theoretical study into the interaction between housing prices, aggregate production, and household behavior over a lifetime. We develop a life‐cycle model of a production economy in which land and capital are used to build residential and commercial real estates. We find that in an economy where the share of land in the value of real estates is large, housing prices react more to an exogenous change in expected productivity or the world interest rate, causing a large redistribution between net buyers and net sellers of houses. Changing financing constraints, however, has limited effects on housing prices.