期刊名称：Discussion Papers / School of Business, University of New South Wales
出版年度：2008
卷号：2008
出版社：Sydney
摘要：We show that a strong linear relationship exists between income and house price quantiles
in Sydney (Australia), Houston, and the state of Texas. This suggests that the
house price distribution is closely approximated by the income distribution after a
location-scale transformation. The slope of the line changes over time in response to
changes in the mortgage market. We argue that this finding is consistent with a simple
variant on the permanent income hypothesis. We then explore some of the implications
with regard to the evolution of house prices, price-to-income ratios, the efficiency of
the housing market, the construction and interpretation of hedonic price indexes for
housing, and for public policy
关键词：Real Estate; Permanent income; Mortgage market; Housing bubble; Hedonic
index
