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Handbook of Real Estate and How To Order
Macroeconomics
Edited by Charles Ka Yui Leung, Department of Online
Economics and Finance, City University of Hong Kong, www.e-elgar.com
Kowloon Tong, Hong Kong
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This Handbook collects a set of academic and accessible order online
chapters to address three questions: What should real
estate economists know about macroeconomics? What By Email
should macroeconomists know about real estate? What UK/ROW:
[email protected]should readers know about the interaction between real
estate and macroeconomics? N/S America:
[email protected]‘Housing is distinct among goods by virtue of its By Phone
importance in expenditure and welfare, its durability, and UK/ROW: +44 (0) 1243 843291
its ability to locate and identify its consumer to others
(including the government). As a result, the economics of N/S America: (800) 390-3149
housing is central to many literatures. These include the
role of fluctuations in housing construction and prices in
business cycles, housing’s impact on financial markets via its role as a store of value and
easily collateralized good, and the treatment of housing as a basis for taxation and
distribution of government services, especially government produced education. The papers
in this Handbook volume span these topics as well as many others. While providing fresh
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results and insights, the papers also provide a terrific portal to researchers, especially
graduate students, considering working in any of these areas.’
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‘This is an excellent resource for researchers, policymakers, and market practitioners
interested in the economics of housing. The Editor, Professor Charles Leung, is a noted figure Follow us on Twitter
in the area. He has put together a superb collection of papers covering topics such as the For news, views and offers
affordability of housing, commercial real estate, and the financial crisis, among other things.
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comparisons.’
– Jeremy Greenwood, University of Pennsylvania, US
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‘An invaluable resource for those interested in one of the hottest areas in economics, the authors and readers.
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– Robert G. King, Boston University and NBER, US
For More Information
‘The mid-2000s Great Financial Crisis was a reminder to macroeconomists that models which
omitted explicit analysis of the economy’s largest tangible asset, an asset that underpins UK/ROW:
[email protected]large parts of the financial system, can miss much of what is happening outside the model, in N/S America:
[email protected]the actual economy. On the flip side, the GFC reminded housing economists of the need to
deepen understanding of spillovers from housing to the macroeconomy and financial
markets, and other settings such as labor markets and environmental conditions. The SARS-
CoV-2 pandemic has focused economists of every stripe on epidemiology and public health,
but housing markets are also once again brought to the fore, as concerns mount about
foreclosures, evictions, and distortions in rents and asset prices directly from the pandemic
and less directly from the responses to it.
Anyone seeking understanding of previous episodes, or looking for insight into the present, or
the next crisis, will profit from repeated consultation with this Handbook. The volume gathers
a distinguished group of scholars from around the world, and provides a state-of-the-art
review of linkages between housing economics and the aggregate economy and its major
constituent markets. Individual chapters provide reviews of the latest modeling tools as well
as case studies, in a wide range of international settings, at different levels of income and
urbanization. Highly recommended.’
– Stephen Malpezzi, University of Wisconsin, Madison, US
‘This book gathers a great collection of papers on real estate that contains valuable insights
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for both academics and practitioners.’
– Sergio Rebelo, Northwestern University, US
2022 480 Hardback 978 1 78990 848 £203.00 US$296.00
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