Housing, Land Prices, and Growth

  title={Housing, Land Prices, and Growth},
  author={Angus S Deaton and Guy Laroque},
We consider the effects of land for housing on the growth process within an overlapping generations model. Our original interest was to enquire whether the introduction of land into a growth model might account for a “virtuous” circle in which saving-up for land (or housing) generates growth and higher land prices, generating further increases in saving, and so on. Such an account is sometimes proposed for high saving rates in East Asia, where mortgage markets are limited or absent. Our… CONTINUE READING

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