U.S. land prices: trends and determinants
This paper develops a structural model of land prices which includes the multi-dimensional effects of inflation on capital-erosion, saving-return erosion, and real debt reduction as well as the effect of changes in the opportunity cost of capital. The results show that the U.S. farmland price swings are largely explained by inflation and changes in the real returns on capital. Additionally, the effects of credit market constraints, expectations schemes are considered explicitly in the analytical model
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| Main Authors: | , , , |
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| Format: | Texto biblioteca |
| Language: | eng |
| Published: |
Buenos Aires (Argentina)
1988
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| Summary: | This paper develops a structural model of land prices which includes the multi-dimensional effects of inflation on capital-erosion, saving-return erosion, and real debt reduction as well as the effect of changes in the opportunity cost of capital. The results show that the U.S. farmland price swings are largely explained by inflation and changes in the real returns on capital. Additionally, the effects of credit market constraints, expectations schemes are considered explicitly in the analytical model |
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