Arrested Development: Theory and Evidence of Supply-Side Speculation in the Housing Market
This paper studies the role of disagreement in amplifying housing cycles. Speculation is easier in the land market than in the housing market due to frictions that make renting less efficient than owner-occupancy. As a result, undeveloped land facilitates construction and intensifies the speculation...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Blackwell Publishing Ltd
2018
|
| Online Access: | View Fulltext in Publisher |