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@article{Miles:2021:ej/ueaa088,
author = {Miles, D and Sefton, J},
doi = {ej/ueaa088},
journal = {The Economic Journal},
pages = {1815--1848},
title = {House prices and growth with fixed land supply},
url = {http://dx.doi.org/10.1093/ej/ueaa088},
volume = {131},
year = {2021}
}

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TY  - JOUR
AB  - We analyse housing costs and patterns of residential development over the long term in a dynamic general equilibrium. We show that in a growing economy the speed of travel improvements is crucial to the evolution of land and house prices. We derive a condition for the rate of change in transport efficiency that generates flat land and house prices on a balanced growth path. We present evidence that this condition was satisfied in many countries between the mid-nineteenth century and the mid-twentieth century, but since then passenger transport improvements have slowed down with major implications for how house prices evolve.
AU  - Miles,D
AU  - Sefton,J
DO  - ej/ueaa088
EP  - 1848
PY  - 2021///
SN  - 0013-0133
SP  - 1815
TI  - House prices and growth with fixed land supply
T2  - The Economic Journal
UR  - http://dx.doi.org/10.1093/ej/ueaa088
UR  - https://academic.oup.com/ej/article-abstract/doi/10.1093/ej/ueaa088/5870104
UR  - http://hdl.handle.net/10044/1/79780
VL  - 131
ER  -

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