Kan, Kamhon; Kwong, Sunny Kai-Sun; Leung, Charles Ka-Yui - Institute of Economics, Academia Sinica - 2003
This paper investigates the dynamics of property prices and their interaction with output growth in a general equilibrium model. Closed form solutions and testable hypotheses are derived from a mildly restricted version of the model. The testable hypotheses are broadly supported empirically. In...