Arrested Development: Theory and Evidence of Supply-Side Speculation in the Housing Market
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This paper studies the role of disagreement in amplifying housing cycles. Speculation is easier in the land market than in the housing market due to frictions that make renting less efficient than owner-occupancy. As a result, undeveloped land both facilitates construction and intensifies the
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美国国家经济研究局创建时间：
2017-01-01
