Economists' prejudices: Why the Mankiw-Weil story is not credible

Economists' prejudices: Why the Mankiw-Weil story is not credible

Economists' prejudices or criticisms of N. Gregory Mankiw's & David N. Weil's prediction that US housing prices will decline by 47%, 1987-2007 (see SA 39:4/91X8577) is examined. Three categories of prejudice are discussed: (1) the long-run supply of housing is fairly elastic, &...

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Veröffentlicht in:Regional science and urban economics 1991-12, Vol.21 (4), p.531-537
1. Verfasser: Woodward, Susan E.
Format: Artikel
Sprache:eng
Schlagworte:
Demography
Economic Policy
Economists
Housing
Housing Costs
Market
Prediction
Prices
United States of America
Urban Affairs
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Zusammenfassung:Economists' prejudices or criticisms of N. Gregory Mankiw's & David N. Weil's prediction that US housing prices will decline by 47%, 1987-2007 (see SA 39:4/91X8577) is examined. Three categories of prejudice are discussed: (1) the long-run supply of housing is fairly elastic, & house prices cannot be adequately explained by changes in aging demographics; (2) housing markets are efficient; & (3) analyses involving serial correlation & nonstationary variables are easily influenced by statistical interpretation & specification. The impact of demographics & of taxes & other public policy on housing prices is discussed. 13 References. Adapted from the source document.
ISSN:0166-0462
1879-2308
DOI:10.1016/0166-0462(91)90016-G