MARC Record from Library of Congress

LEADER: 02364cam a22003257a 4500
001 2005615810
003 DLC
005 20050113093649.0
007 cr |||||||||||
008 050113s2004 mau sb 000 0 eng
010 $a 2005615810
040 $aDLC$cDLC
043 $aa-ja---
050 00 $aHB1
100 1 $aKiyotaki, Nobuhiro.
245 10 $aLand prices and business fixed investments in Japan$h[electronic resource] /$cNobuhiro Kiyotaki, Kenneth D. West.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2004.
490 1 $aNBER working paper series ;$vworking paper 10909
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 1/13/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"Japan has seen episodes in which boom and bust in land prices is accompanied by boom and bust in business fixed investment. We develop a model that includes land in the production function. We show that in this model movements in land prices will be associated with movements of the capital stock in the same direction, provided the elasticity of substitution between land and capital is greater than one. We then estimate an aggregate investment function. Consistent with an elasticity greater than one, increases in land prices are associated with increases in the business capital stock even after controlling for movements in output and the cost of capital; decreases have a symmetric effect. In the end, however, we find that movements in land prices explain relatively little of the movement in the business fixed investment. In addition to possibly indicating that the elasticity is very near one, the small effect may result because of difficulty in extracting information from noisy land prices, neglect of the effects of regulations, and failure to consider credit constraints"--National Bureau of Economic Research web site.
650 0 $aReal property$xPrices$zJapan.
650 0 $aCapital investments$zJapan.
700 1 $aWest, Kenneth D.$q(Kenneth David)
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 10909.
856 40 $uhttp://papers.nber.org/papers/W10909