Land prices and macroeconomic variables in Japan

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Other Title
  • 地価と日本経済 : バブル崩壊後の新しい流れ
  • チカ ト ニホン ケイザイ : バブル ホウカイゴ ノ アタラシイ ナガレ

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Description

In this paper, we investigate the relationship between land prices and macroeconomic variables in Japan since the asset price bubble burst in 1991 using VAR models. The main findings are summarized as follows. First, a rise in land prices may not be enough to increase private (non-residential) fixed investment after the collapse of the bubble economy. Second, a positive shock to the U.S. home price index leads to significant increases in output, stock prices, and land prices. Third, monetary policy shocks are not likely to be an important source of land price fluctuations.

Journal

  • 經濟學論叢

    經濟學論叢 64 (2), 381-404, 2012-09-20

    The Doshisha Economic Association

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