I construct a model in which infinitely-lived entrepreneurs cannot borrowmore than the value of their landholdings. I show how this constraint leads naturally to an equilibrium in which the land’s price has a bubble. I demonstrate that bursting bubbles in land prices may have dramatic and persistent distributional and aggregate effects. I discuss appropriate and inappropriate policy interventio...

This paper studies residential real estate investors and their relationship with local house price movement using several comprehensive micro data on mortgage application and performance. The paper makes two contributions to the growing literature on the recent boom and bust of the US housing market. First, using mortgage application data, we document the important role played by real estate in...

The Japanese are becoming increasingly aware of the significance of the disclosure of in-depth land price data with regard to establishing land markets with a high level of transparency and fairness. Presently, both the Public Notice of Land Prices, which essentially comprises values that are appraised by Japan’s Ministry of Land, Infrastructure, Transport and Tourism, and transaction prices, w...

This paper discusses recent developments in the market for agricultural land in Slovakia related to the new law on land acquisition. The stated objective of this law is to protect agricultural land from non-agricultural use. We analyze landrelated data as reported by sellers in the newly established Registry of offers of agricultural land administered by the Ministry of Agriculture and Rural De...