The Present Value Model Revisited: An Application to the Italian Price-Rent Ratio
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منابع مشابه
The Present Value Model Revisited: An Application to the Italian Price-Rent Ratio
The present value model of asset prices a la Campbell and Shiller predicts the price-rent ratio in the housing market to be stationary. The observed movements in the actual price-rent ratio, often exhibiting large and long swings in the ratio, may put into question the validity of the standard present value model. In this paper, we allow for two sources of possibly unwieldy deviations in the pr...
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ژورنال
عنوان ژورنال: Modern Economy
سال: 2015
ISSN: 2152-7245,2152-7261
DOI: 10.4236/me.2015.66069