Land prices and unemployment

Housing, Land Prices, and Growth

We consider the effects of land for housing on the growth process within an overlapping generations model. Our original interest was to enquire whether the introduction of land into a growth model might account for a “virtuous” circle in which saving-up for land (or housing) generates growth and higher land prices, generating further increases in saving, and so on. Such an account is sometimes ...

Part Iv: Modelling Land Prices and Land-use Transitions

Factors affecting agricultural land prices

n the twenty years that preceded 1920 I there was a 245 percent increase in the average per-acre price of farmland (including improvements) before land values fell sharply. Today’s escalation in land values-364 percent between 1957 and 1977-prompts some pointed questions: Have land prices reached their peak? If not, when will they plateau, if ever? Will they then decline and, if so, will the de...

Unemployment and Input Prices: a Fractional Cointegration Approach

The Effects of Potential Land Development on Agricultural Land Prices

We conduct a national-scale analysis of the determinants of agricultural land values. The theoretical basis for the study is a spatial city model with stochastic returns to future land development. The empirical model of agricultural land prices is estimated with a crosssection on approximately three thousand counties in the contiguous US. The results provide evidence that option values associa...