This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research

Volume Title: Housing Markets in the U.S. and Japan

Volume Author/Editor: Yukio Noguchi and James Poterba

Volume Publisher: University of Chicago Press

Volume ISBN: 0-226-59015-1

Volume URL: http://www.nber.org/books/nogu94-2

Conference Date: January 3-4, 1991

Publication Date: January 1994

Chapter Title: Front matter,Housing Markets in the United States and Japan

Chapter Author: Yukio Noguchi, James M. Poterba

Chapter URL: http://www.nber.org/chapters/c8817

Chapter pages in book: (p. -12 - 0)

This Page Intentionally Left Blank Housing Markets in the United States and Japan A National Bureau of Economic Research Conference Report ~~~~ Housing Markets in the United States and Japan

Editedby YUkiO Noguchi and James M. Poterba

The University of Chicago Press

Chicago and London YUKIONOGUCHI is professor of economics at Hitotsubashi University. JAMES M. POTERBAis professor of economics at the Massachusetts Institute of Technology and director of the Public Economics Research Program at the National Bureau of Economic Research.

The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London 0 1994 by the National Bureau of Economic Research All rights reserved. Published 1994 Printed in the United States of America 03 02 01 00 99 98 97 96 95 94 1 2 3 4 5 ISBN: 0-226-59015-1 (Cloth)

Library of Congress Cataloging-in Publication Data

Housing markets in the United States and Japan / edited by Yukio Noguchi and James M. Poterba. p. cm. - (A National Bureau of Economic Research conference report) “The research papers collected in this volume were presented at a joint Japan Center for Economic Research (JCER)-National Bureau of Economic Research (NBER) conference in January 1991”- Acknowledgments. Includes bibliographical references and indexes. I. Housing-United States-Congresses. 2. Housing-Japan- Congresses. I. Noguchi, Yukio, 1940-. II. Poterba, James M. 111. Series: Conference report (National Bureau of Economic Research) HD7293.H68 1994 381 ’.4569’080952-d~20 93-48441 CIP

8 The paper used in this publication meets the minimum requirements of the American National Standard for Information Sciences-Permanence of Paper for Printed Library Materials, ANSI 239.48-1984. National Bureau of Economic Research

Officers George T. Conklin, Jr., chairman Geoffrey Carliner, executive director Paul W. McCracken, vice chairman Charles A. Walworth, treasurer Martin Feldstein, president and chief execu- Sam Parker, director of$nance and adminis- rive oflcer tration

Directors at Large Elizabeth E. Bailey George C. Eads Robert T. Parry John H. Biggs Martin Feldstein Peter G. Peterson Andrew Brimmer George Hatsopoulos Robert V. Roosa Carl F. Christ Lawrence R. Klein Richard N. Rosett George T. Conklin, Jr. Franklin A. Lindsay Bert Seidman Don R. Conlan Paul W. McCracken Eli Shapiro Kathleen B. Cooper Leo Melamed Donald S. Wasserman Jean A. Crockett Michael H. Moskow Marina v. N. Whitman

Directors by University Appointment Jagdish Bhagwati, Columbia James L. Pierce, California, William C. Brainard, Yale Berkeley Glen G. Cain, Wisconsin Andrew Postelwaite, Pennsylvania Franklin Fisher, Massachusetts Institute of Nathan Rosenberg, Stanford Technology Harold T. Shapiro, Princeton Saul H. Hymans, Michigan Craig Swan, Minnesota Marjorie B. McElroy, Duke Michael Yoshino, Harvard Joel Mokyr, Northwestern Arnold Zellner, Chicago

Directors by Appointment of Other Organizations Marcel Boyer, Canadian Economics Charles Lave, American Economic Association Association Rueben C. Buse, American Agricultural Rudolph A. Oswald, American Federation of Economics Association Labor and Congress of Industrial Richard A. Easterlin, Economic History Organizations Association Dean P. Phypers, Committeefor Economic Gail D. Fosler, The Conference Board Development A. Ronald Gallant, American Statistical James F. Smith, National Association of Association Business Economists Robert S. Hamada, American Finance Charles A. Walworth, American Institute of Association Certged Public Accountants

Directors Emeriti Moses Abramovitz Gottfried Haberler George B. Roberts Emilio G. Collado Geoffrey H. Moore William S. Vickrey Thomas D. Flynn James J. O’Leary Since this volume is a record of conference proceedings, it has been exempted from the rules governing critical review of manuscripts by the Board of Directors of the National Bureau (resolu- tion adopted 8 June 1948, as revised 21 November 1949 and 20 April 1968). This Page Intentionally Left Blank Contents

Acknowledgments ix Introduction 1 Yukio Noguchi and James M. Poterba 1. Land Prices and House Prices in Japan 11 Yukio Noguchi 2. Land Prices and House Prices in the United States 29 Karl E. Case 3. Housing Finance in Japan 49 Miki Seko 4. Housing Finance in the United States 65 Patric H. Hendershott 5. Housing and the Journey to Work in the Tokyo Metropolitan Area 87 Tatsuo Hatta and Toru Ohkawara 6. Housing and the Journey to Work in U.S. Cities 133 Michelle J. White 7. Housing and Saving in Japan 161 Toshiaki Tachibanaki 8. Housing and Saving in the United States 191 Jonathan Skinner 9. Public Policy and Housing in Japan 215 Takatoshi Ito viii Contents

10. Public Policy and Housing in the United States 239 James M. Poterba Contributors 257 Author Index 259 Subject Index 263 Acknowledgments

The research papers collected in this volume were presented at a joint Japan Center for Economic Research (JCER)-National Bureau of Economic Re- search (NBER) conference in January 1991. We are grateful to Yutaka Kosai, president of JCER, and Martin Feldstein, president of NBER, for laying the groundwork for such joint meetings. They also provided important guidance in shaping the agenda for this conference. Organizing a conference with participants from two continents is not a simple task, and the staff at JCER and NBER provided outstanding logistical support for our meeting. We are particularly grateful to Ilana Hardesty of NBER, who attended the conference and served as conference coordinator, and to Hiromichi Mutoh and Professor Seiritsu Ogura of JCER for very able assistance. We also wish to thank Kirsten Davis, director of the NBER Confer- ence Department, for ongoing help in planning and organizing the meeting. After a conference, the real work of publishing the proceedings begins. We wish to thank Deborah Kiernan and Jane Konkel of the NBER and Kumiko Mizutani of the JCER for their help in preparing this volume for publication.

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