Arbeitspapier
Land-price dynamics and macroeconomic fluctuations
We argue that positive comovements 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 comovements 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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2011-11
- Klassifikation
-
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Macroeconomics: Consumption, Saving, Production, Employment, and Investment: Forecasting and Simulation: Models and Applications
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
- Thema
-
land prices
collateral assets
investment
dynamic multiplier
propagation mechanism
co-movements
Grundbesitz
Bodenpreis
Volatilität
Investition
Gesamtwirtschaftliche Produktion
Dynamisches Gleichgewicht
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Liu, Zheng
Wang, Pengfei
Zha, Tao
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of Atlanta
- (wo)
-
Atlanta, GA
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Liu, Zheng
- Wang, Pengfei
- Zha, Tao
- Federal Reserve Bank of Atlanta
Entstanden
- 2011
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