Land-Price Dynamics and Macroeconomic Fluctuations
NBER WORKING PAPER SERIES LAND-PRICE DYNAMICS AND MACROECONOMIC FLUCTUATIONS Zheng Liu Pengfei Wang Tao Zha Working Paper 17045 http://www.nber.org/papers/w17045 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2011 For helpful discussions, we thank Susanto Basu, Larry Christiano, Russell Cooper, Morris Davis, Steve Durlauf, Marty Eichenbaum, John Fernald, Kris Gerardi, Mark Gertler, Simon Gilchrist, Mike Golosov, Pat Higgins, Matteo Iacoviello, Nobu Kiyotaki, Dirk Krueger, Junior Maih, Jim Nason, Lee Ohanian, Alberto Oritz-Bolanos, Richard Rogerson, Julio Rotemberg, Tom Sargent, Frank Schorfheide, Mark Spiegel, Harald Uhlig, Dan Waggoner, Carl Walsh, John Williams, and seminar participates at Federal Reserve Banks of Atlanta and San Francisco, the 2009 NBER Summer Workshop on Impulse and Propagation Mechanisms, University of Pennsylvania, University of Wisconsin, Georgetown University, UCLA, UCSD, UC Riverside, UC Santa Cruz, UC Davis, USC, the European University Institute, Banque de France, Bank of New Zealand Conference on Twenty Years of Inflation Targeting. We thank David Lang, Jacob Smith, and Diego Vilan for research assistance and Anita Todd and Sam Zuckerman for editorial assistance. Pengfei Wang acknowledges the financial support from Hong Kong Research Grant Council (project \#643908). The views expressed herein are those of the authors and do not necessarily reflect the views of the Federal Reserve Banks of Atlanta and San Francisco, the Federal Reserve System, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.
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