Determining(Estimating) Ratios for Enhancing Publicness Through Analysis of Changes in Land Prices Influenced by Upzoning

Chapter 6 examines real estate as a neglected feature of actual economies. It begins with an empirical overview demonstrating the preeminent role of land as a part of nonfinancial wealth. Whereas many macroeconomic models represent nonfinancial wealth by a symbol K that is interpreted as machines and equipment (if not robots), the text makes clear that such items are of minor quantitative importance. In contemporary economies, nonfinancial wealth consists chiefly of real estate. This is the proper reason so many analysts conjecture a link between house prices and the Great Recession. Changes in house prices (primarily changes in land prices) operate on the economy through their influence on nonfinancial wealth. Nonfinancial wealth affects consumption directly and investment indirectly since it relaxes or tightens borrowing constraints. Building on the results obtained in previous chapters, the text studies housing manias and leverage cycles and relates its main findings to US data.

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Effect of water features proximity on farmland prices in a landlocked country: the consequences for planning

Soil and Water Research ◽

10.17221/11/2016-swr ◽

2017 ◽

Vol 12 (No. 1) ◽

pp. 18-28 ◽

Cited By ~ 2

Author(s):

P. Sekáč ◽

M. Šálek ◽

A. Wranová ◽

P. Kumble ◽

P. Sklenička

Keyword(s):

Water Resources Planning ◽

The Czech Republic ◽

Explanatory Variables ◽

Land Prices ◽

Five Factors ◽

Real Estate Brokers ◽

Farmland Prices ◽

Agricultural Use ◽

Resources Planning ◽

Significant Factors

Conversion of farmland to non-farm uses significantly influences the spatial variability of farmland prices. We tested 12 factors of land prices that experienced real estate brokers indicated to be the most important determinants for the conversion of farmland to non-agricultural use. Five factors can be described as landscape, four as geographic, and three as climatic explanatory variables influencing farmland prices. Our results indicate that the two most powerful factors in explaining the sales price per square metre were proximity to a river and proximity to a lake. In both cases, the price of land diminished significantly with the increasing distance from the edge of water bodies, so the prices in their immediate vicinity are 3.5 to 3.7 times higher than the prices of similar lands more than 5 km from the edge of a water body. The other significant factors were population size of the nearest municipality and percentage representation of forest. The fact that the two most powerful factors indicate the distance to a river, brook, lake or pond shows how important are these freshwater features as determinants of farmland prices in a landlocked country such as the Czech Republic, where this study was performed. The consequences of this finding for water resources planning and management are discussed.

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Residential Land Prices Prior to Development

Journal of Real Estate Research ◽

10.1080/10835547.1997.12090891 ◽

1997 ◽

Vol 14 (1) ◽

pp. 1-17 ◽

Cited By ~ 1

Author(s):

Karl Guntermann

Keyword(s):

Residential Land ◽

Land Prices

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Big-Box Stores and Urban Land Prices: Friend or Foe?

Real Estate Economics ◽

10.1111/1540-6229.12209 ◽

2017 ◽

Vol 46 (1) ◽

pp. 7-58 ◽

Cited By ~ 3

Author(s):

Barrett A. Slade

Keyword(s):

Urban Land ◽

Land Prices ◽

Big Box

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Uncovering inequality through multifractality of land prices: 1912 and contemporary Kyoto

PLoS ONE ◽

10.1371/journal.pone.0196737 ◽

2018 ◽

Vol 13 (4) ◽

pp. e0196737 ◽

Cited By ~ 3

Author(s):

Hadrien Salat ◽

Roberto Murcio ◽

Keiji Yano ◽

Elsa Arcaute

Keyword(s):

Land Prices

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A meta-analysis of the capitalisation of CAP direct payments into land prices

European Review of Agricultural Economics ◽

10.1093/erae/jbab014 ◽

2021 ◽

Author(s):

Alessandro Varacca ◽

Giovanni Guastella ◽

Stefano Pareglio ◽

Paolo Sckokai

Keyword(s):

Agricultural Policy ◽

Meta Analysis ◽

Extensive Review ◽

The European Union ◽

Decoupled Payments ◽

Land Prices ◽

Implementation Scheme ◽

Direct Payments ◽

Meta Regression ◽

The Impact

Abstract The impact of the European Union common agricultural policy direct payments on land prices has received substantial attention in recent years, leading to heterogeneous evidence of capitalisation for both coupled and decoupled payments. In this paper, we provide an extensive review of the empirical works addressing this issue econometrically and compare their results through a Bayesian meta-regression model, focussing on the impact of decoupling and its implementation schemes. We find that the introduction of decoupled payments increased the capitalisation rate, although the extent of this increment hinges on the implementation scheme adopted by the member state.

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Learning from House Prices: Amplification and Business Fluctuations

The Review of Economic Studies ◽

10.1093/restud/rdaa079 ◽

2020 ◽

Author(s):

Ryan Chahrour ◽

Gaetano Gaballo

Keyword(s):

House Prices ◽

House Price ◽

Price Increase ◽

Land Prices ◽

Business Fluctuations ◽

Nominal Rigidity ◽

Supply Shocks ◽

Residential Investment ◽

Amplification Loop ◽

Initial Price

Abstract We formalize the idea that house price changes may drive rational waves of optimism and pessimism in the economy. In our model, a house price increase caused by aggregate disturbances may be misinterpreted as a sign of higher local permanent income, leading households to demand more consumption and housing. Higher demand reinforces the initial price increase in an amplification loop that drives comovement in output, labor, residential investment, land prices, and house prices even in response to aggregate supply shocks. The qualitative implications of our otherwise frictionless model are consistent with observed business cycles and it can explain the economic impact of apparently autonomous changes in sentiment without resorting to non-fundamental shocks or nominal rigidity.

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