Housing Vacancy and Rental Adjustment: Evidence from Hong Kong
نویسندگان
چکیده
The traditional rental adjustment equation is ̄ awed in that the equilibrium paths for the adjustm ent of rents and vacancy rates cannot hold simultaneously over time. This paper suggests a two-equation model of rental adjustm ents based on adaptive expectation s rather than the single-equation model presen ted in the traditional literatu re, and provides empirical tests. Annual data from the housing market in Hong Kong during the 1980± 96 period are consisten t with the adjustment equation . The resu lts also show that the rate of change of real rents is neutral with respect to in ̄ ation .
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تاریخ انتشار 2001