Real and nominal interest rates and the demand for housing |
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Authors: | Robert M Schwab |
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Institution: | 1. Department of Economics, University of Maryland, College Park, Maryland 20742 U.S.A.;2. The Urban Institute, 2100 M Street N. W., Washington, D.C. 20037 U.S.A. |
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Abstract: | This paper is an empirical study of the relationship between inflation expectations and the demand for housing. The major findings are that housing demand is a function of both expected inflation and the real interest rate but that demand cannot be specified as a function of the nominal rate. It is also shown that expected inflation has a larger impact on those households that are likely to be constrained by capital market imperfections. |
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