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Author: Volker Grossman
Publisher: International Monetary Fund
ISBN: 1475590326
Category : Business & Economics
Languages : en
Pages : 82
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Book Description
There are, by now, several long term, time series data sets on important housing & macro variables, such as land prices, house prices, and the housing wealth-to-income ratio. However, an appropriate theory that can be employed to think about such data and associated research questions has been lacking. We present a new housing & macro model that is designed specifically to analyze the long term. As an illustrative application, we demonstrate that the calibrated model replicates, with remarkable accuracy, the historical evolution of housing wealth (relative to income) after World War II and suggests a further considerable increase in the future. The model also accounts for the close connection of house prices to land prices in the data. We also compare our framework to the canonical housing & macro model, typically employed to analyze business cycles, and highlight the main differences.
Author: Volker Grossman
Publisher: International Monetary Fund
ISBN: 1475590326
Category : Business & Economics
Languages : en
Pages : 82
Get Book Here
Book Description
There are, by now, several long term, time series data sets on important housing & macro variables, such as land prices, house prices, and the housing wealth-to-income ratio. However, an appropriate theory that can be employed to think about such data and associated research questions has been lacking. We present a new housing & macro model that is designed specifically to analyze the long term. As an illustrative application, we demonstrate that the calibrated model replicates, with remarkable accuracy, the historical evolution of housing wealth (relative to income) after World War II and suggests a further considerable increase in the future. The model also accounts for the close connection of house prices to land prices in the data. We also compare our framework to the canonical housing & macro model, typically employed to analyze business cycles, and highlight the main differences.
Author: Volker Grossmann
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The housing wealth-to-income ratio has been increasing in most developed economies since the 1950s. We provide a novel theory to explain this long-term pattern. We show analytically that house prices grow in the steady state if i) the housing sector is more land-intensive than the non-housing sector, or ii) technological progress in the construction sector is weaker than in the non-housing sector. Despite growing house prices and housing wealth, the housing wealth-to income ratio is constant in steady state. We hence study the dynamics in the housing wealth-to- income ratio by computing transitions. The model is calibrated separately to the US, UK, France, and Germany. On average, we replicate 89 percent of the observed increase in the housing wealth-to-income ratio. The key for replicating the data is the differentiation between residential land as a non-reproducible factor and residential structure as reproducible factor. The transition process from the calibrated model points to two driving forces of an increasing housing wealth-to-income ratio: i) A long- lasting construction boom that brought about a pronounced build-up in the stock of structures and ii) an increase in the demand for residential land that resulted in surging residential land prices.
Author: Karl Marx
Publisher: Simon and Schuster
ISBN: 1596987995
Category : Political Science
Languages : en
Pages : 298
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Book Description
One of the most notorious works of modern times, as well as one of the most influential, Capital is an incisive critique of private property and the social relations it generates. Living in exile in England, where this work was largely written, Marx drew on a wide-ranging knowledge of its society to support his analysis and generate fresh insights. Arguing that capitalism would create an ever-increasing division in wealth and welfare, he predicted its abolition and replacement by a system with common ownership of the means of production. Capital rapidly acquired readership among the leaders of social democratic parties, particularly in Russia and Germany, and ultimately throughout the world, to become a work described by Marx's friend and collaborator Friedrich Engels as 'the Bible of the Working Class'.
Author: Karl Marx
Publisher: Knickerbocker Classics
ISBN: 0760365571
Category : Political Science
Languages : en
Pages : 304
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Book Description
The unabridged versions of these definitive works are now available together as a highly designed paperback with flaps with a new introduction by Robert Weick. Part of the Knickerbocker Classics series, a modern design makes this timeless book a perfect travel companion. Considered to be one of the most influential political writings, The Communist Manifesto is as relevant today as when it was originally published. This pamphlet by the German philosophers Karl Marx and Friedrich Engels, published in 1884 as revolutions were erupting across Europe, discusses class struggles and the problems of a capitalist society. After being exiled to London, Marx published the first part of Das Kapital, a theoretical text that argues that capitalism will create greater and greater division in wealth and welfare and ultimately be replaced by a system of common ownership of the means of production. After Marx's death, Engels completed and published the second and third parts from his colleague's notes. The Knickerbocker Classics bring together the essential works of classic authors from around the world in stunning editions to be collected and enjoyed.
Author: Volker Grossman
Publisher: International Monetary Fund
ISBN: 147559030X
Category : Business & Economics
Languages : en
Pages : 82
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Book Description
There are, by now, several long term, time series data sets on important housing & macro variables, such as land prices, house prices, and the housing wealth-to-income ratio. However, an appropriate theory that can be employed to think about such data and associated research questions has been lacking. We present a new housing & macro model that is designed specifically to analyze the long term. As an illustrative application, we demonstrate that the calibrated model replicates, with remarkable accuracy, the historical evolution of housing wealth (relative to income) after World War II and suggests a further considerable increase in the future. The model also accounts for the close connection of house prices to land prices in the data. We also compare our framework to the canonical housing & macro model, typically employed to analyze business cycles, and highlight the main differences.
Author: William Otto Henderson
Publisher: Psychology Press
ISBN: 0714630403
Category : Communists
Languages : en
Pages : 469
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Book Description
First Published in 1976. Routledge is an imprint of Taylor & Francis, an informa company.
Author: Francis Wheen
Publisher: Grove Press
ISBN: 9780802143945
Category : Biography & Autobiography
Languages : en
Pages : 144
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Book Description
In vivid detail, Wheens captivating, accessible book shows that, far from being a dry economic treatise, "Das Kapital" is like a vast Gothic novel whose heroes are enslaved by the monster they created: capitalism.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 1194
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Book Description
Author: W.O. Henderson
Publisher: Routledge
ISBN: 1136275649
Category : Business & Economics
Languages : en
Pages : 469
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Book Description
First Published in 1976. The first volume on this two-part biography traces Engels' carer from his youth in the Wupper valley, through his periods in Bremen and Berlin to the Manchester years and the beginning of his long collaboration with Marx. These early years are described against the background of the prevailing social unrest in Europe, culminating in the 1848 revolutions and portraits are included of many Marx's and Engels' friends and fellow communists.
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Author: United States. Congress. House. Committee on Un-American Activities
Publisher:
ISBN:
Category : Communism
Languages : en
Pages : 1350
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Book Description
