Handbook of Real Estate and Macroeconomics

Edited by Charles Ka Yui Leung, Department of Economics and Finance, City University of Hong Kong, Kowloon Tong, Hong Kong

Contents:

Introduction to the Handbook of Real Estate and Macroeconomics x
Charles Ka Yui Leung

PART I REAL ESTATE-RELATED WEALTH AND MACROECONOMICS
1 Real estate market and consumption: macro and micro evidence of Japan 2
Kazuo Ogawa
2 The Bank of Japan as a real estate tycoon: large-scale REIT purchases 21
Takahiro Hattori and Jiro Yoshida
3 Land and macroeconomics 39
Prasad Sankar Bhattacharya

PART II HOUSING PRICE DYNAMICS AND AFFORDABILITY
4 Affordable housing conundrum in India 83
Piyush Tiwari and Jyoti Shukla
5 Residential location and education in the United States 106
Eric A. Hanushek and Kuzey Yilmaz
6 Testing for real estate bubbles 137
Eric Girardin and Roselyne Joyeux
7 Disaggregating house price dynamics 165
Rose Neng Lai and Robert A. Van Order
8 The effect of macroeconomic uncertainty on housing returns and
volatility: evidence from US state-level data 206
Reneé van Eyden, Rangan Gupta, Christophe André and Xin Sheng

PART III FINANCIAL CRISIS AND STRUCTURAL CHANGE
9 Financial crisis and the U.S. mortgage markets – a review 240
Sumit Agarwal and Sandeep Varshneya
10 Is housing still the business cycle? Perhaps not. 269
Richard K. Green
11 International macroeconomic aspect of housing 284
Joe Cho Yiu Ng
12 How did the asset markets change after the Global Financial Crisis? 312
Kuang-Liang Chang and Charles Ka Yui Leung

PART IV NON-RESIDENTIAL REAL ESTATE
13 From the regional economy to the macroeconomy 338
Santiago M. Pinto and Pierre-Daniel G. Sarte
14 Industrial parks and urban growth: a political economy story in China 359
Matthew E. Kahn, Jianfeng Wu, Weizeng Sun and Siqi Zheng
15 Pension funds and private equity real estate: history, performance,
pathologies, risks 371
Timothy J. Riddiough
16 A mayor’s perspective on tackling air pollution 413
Shihe Fu and V. Brian Viard

Index 438