Every house is different. It is important that house price indexes take account of these quality
differences. Hedonic methods which express house prices as a function of a vector of …

I will start this lecture with some general thoughts on the determinants of long-term asset
prices such as stock prices or home prices: what, ultimately, drives these prices to change as …

In his best-selling Irrational Exuberance, Robert Shiller cautioned that society's obsession
with the stock market was fueling the volatility that has since made a roller coaster of the …

Abstract The Nobel Foundation asks that the Nobel lecture cover the work for which the
Prize is awarded. The announcement of this year's Prize cites empirical work in asset …

The paper outlines the 20th-century history of American zoning to explain how home-owners
came to dominate its content and administration in most jurisdictions. Zoning's original …

This Article explains the historic US housing bubble. From 1997 to 2006, nominal US
housing prices rose 188%.'By mid-2009, however, housing prices had fallen by 33% from …

This paper exploits the recent variation in US house prices to examine the effect of equity
constraints and nominal loss aversion on household mobility. Detailed data from the 1985 …

Generations of scholarship on the political economy of land use have tried to explain a world
in which tony suburbs use zoning to keep out development but big cities allow untrammeled …

Property investment markets and applied property research are now recognised as an
increasingly important international phenomenon. Written by two of the most respected …

In this paper, the nature of property and the growing links between property and financial
markets are addressed. It is argued that property must be viewed as a commodity with use …