Land and housing: The twin forces of non-balanced growth |
| |
| Affiliation: | 1. Department of Industrial Economics Strategy Research, Taishin Sercurities Investment Advisory, Taiwan;2. School of Business, Nanjing University of Information Science and Technology, China;3. Yangtze River Institute of International Digital Trade Innovation and Development, Nanjing University of Information Science and Technology, China;4. Institute of Economics, Academia Sinica, Taiwan;5. Department of Economics, National Cheng Chi University, Taiwan;6. Institute of Economics, National Sun Yat-Sen University, Taiwan;7. Department of Economics, National Taipei University, Taiwan |
| |
| Abstract: | In a three-sector closed economy where housing land is accumulated for the construction of houses, we depict significant effects of housing and land market on sectoral growth. We assume agriculture is the most intensive in the use of land, followed by manufacturing and then services. In the long run, land intensity differences in conjunction with labor growth contribute to sectoral growth gaps. In the short run, due to housing land accumulation, the economy transitions along a non-monotonic convergent path to the steady state. Using the US data, we quantify that land accounts for about one-tenth of long-run and short-run sectoral output growth gaps. We also incorporate sector-specific land-use restrictions to show that, despite these regulations, land and housing have qualitative effects on non-balanced growth. |
| |
| Keywords: | Housing Non-balanced growth Land use Services Manufacturing Agriculture |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
