This Handbook collects a set of academic and accessible chapters to address three questions: What should real estate economists know about macroeconomics? What should macroeconomists know about real estate? What should readers know about the interaction between real estate and macroeconomics?
Content is focused on four widely discussed themes: real estate-related wealth and macroeconomics, housing price dynamics and affordability, financial crises and structural change, and non-residential real estate. The chapter authors, active researchers from around the world, present evidence from various countries and datasets that are of interest to audiences across the globe, summarize insights from previous research and shed light on current issues.
The Handbook of Real Estate and Macroeconomics assists researchers on the big picture as well as a hot spots in frontier research, and facilitates worldwide policy discussions and analysis for practitioners in financial markets, corporate economists, and policy analysts in governments and NGOs.
Author(s): Charles K.Y. Leung
Publisher: Edward Elgar Publishing
Year: 2022
Language: English
Pages: 467
City: Cheltenham
Front Matter
Copyright
Contents
Contributors
Introduction to the Handbook of Real Estate and Macroeconomics
PART I REAL ESTATE-RELATED WEALTH AND MACROECONOMICS
1. Real estate market and consumption: macro and micro evidence of Japan
2. The Bank of Japan as a real estate tycoon: large-scale REIT purchases
3. Land and macroeconomics
PART II HOUSING PRICE DYNAMICS AND AFFORDABILITY
4. Affordable housing conundrum in India
5. Residential location and education in the United States
6. Testing for real estate bubbles
7. Disaggregating house price dynamics
8. The effect of macroeconomic uncertainty on housing returns and volatility: evidence from US state-level data
PART III FINANCIAL CRISIS AND STRUCTURAL CHANGE
9. Financial crisis and the U.S. mortgage markets – a review
10. Is housing still the business cycle? Perhaps not.
11. International macroeconomic aspect of housing
12. How did the asset markets change after the Global Financial Crisis?
PART IV NON-RESIDENTIAL REAL ESTATE
13. From the regional economy to the macroeconomy
14. Industrial parks and urban growth: a political economy story in China
15. Pension funds and private equity real estate: history, performance, pathologies, risks
16. A mayor’s perspective on tackling air pollution
Index
