期刊名称：Discussion Paper Series / Department of Economics, Monash University
出版年度：2011
卷号：1
出版社：Monash University
摘要：This paper develops a Tobin's q model of house prices which shows that changes in interest rates, demography, and income are likely to have only temporary effects on house prices while house prices in the long run are determined by prices of developed land, value added taxes, stamp duties, and construction costs. Empirical estimates show that agricultural land prices are a proxy for urban land prices, which, together with construction costs are the key determinants of house prices in the long run
关键词：housing market; Tobin's q; construction costs; land prices
