Replication data for: No Price Like Home: Global House Prices, 1870-2012

Principal Investigator(s): View help for Principal Investigator(s) Katharina Knoll; Moritz Schularick; Thomas Steger

Version: View help for Version V1

Name	File Type	Size	Last Modified
20150501_data			10/12/2019 03:50:AM
LICENSE.txt	text/plain	14.6 KB	10/11/2019 11:50:PM

Project Citation:

Knoll, Katharina, Schularick, Moritz, and Steger, Thomas. Replication data for: No Price Like Home: Global House Prices, 1870-2012. Nashville, TN: American Economic Association [publisher], 2017. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113055V1

Project Description

Summary: How have house prices evolved over the long run? This paper presents annual house prices for 14 advanced economies since 1870. We show that real house prices stayed constant from the nineteenth to the mid-twentieth century, but rose strongly and with substantial cross-country variation in the second half of the twentieth century. Land prices, not replacement costs, are the key to understanding the trajectory of house prices. Rising land prices explain about 80 percent of the global house price boom that has taken place since World War II. Our findings have implications for the evolution of wealth-to-income ratios, the growth effects of agglomeration, and the price elasticity of housing supply.

Scope of Project

JEL Classification:
      C43 Index Numbers and Aggregation; Leading indicators
      N10 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: General, International, or Comparative
      N90 Regional and Urban History: General
      R31 Housing Supply and Markets

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V1 [2019-10-12]

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