House Prices and Fundamentals: 355 Years of Evidence
研究了1650年至2005年阿姆斯特丹房价与租金的关系，发现房价偏离基本面可能持续数十年，且市场纠偏主要通过价格而非租金实现。
This paper examines the long‐run relation between prices and rents for houses in Amsterdam from 1650 to 2005. We estimate the deviation of house prices from fundamentals and find that these deviations can be persistent and long‐lasting. Furthermore, we look at the feedback mechanisms between housing market fundamentals and prices, and find that market correction of the mispricing occurs mainly through prices not rents. This correction back to equilibrium, however, can take decades.