دانلود کتاب راهنمای املاک و اقتصاد کلان

The following story occurred during my visit to the Hoover Institution (2018–19). A seminar speaker began by “apologizing” that his talk may not be “very macro.” A senior faculty at Stanford University responded that there is no boundary of macroeconomics, implying there should not be much worry about “not macro enough.” This book is a collection of papers relating to real estate and macroeconomics. Given the “definition” of macroeconomics offered by that Stanford economist, I can put any topic in this book without an apology. Still, I feel obligated to provide some background for the emergence of the macro-real estate literature. Therefore, this introduction aims to facilitate the communication between the authors and readers of this book by mentioning some related contributions and not provide another survey on the macro-real estate literature. The chapters of this book provide outstanding reviews of different strands of the literature already. The objectives of the book are simple: 1. What should real estate economists know about macroeconomics? 2. What should macroeconomists know about real estate? 3. What general audience should know about the interactions between real estate and macroeconomics? Although classical economists do not discuss housing, perhaps except David Ricardo relating trade policy to land prices (Leung, 2004), recent decades have witnessed a structural change. Literature on real estate (e.g., housing, commercial properties, land) and macroeconomics relate to each other (Baxter, 1996; Ben-Shafar et al., 2008; Edelstein and Kim, 2004; Greenwood and Hercowitz, 1991; Leung, 2004; Leung and Quigley, 2007; Mera and Renaud, 2000). The growth of that literature was further stimulated by the 2008 Global Financial Crisis (GFC) (Bardhan et al., 2012; Davis and Van Nieuwerburgh, 2014; Leung and Chen, 2017; Leung and Ng, 2019; Malpezzi, 2017; McMillen, 2011; Piazzesi and Schneider, 2016). On the other hand, the change in the research frontier does not seem to be very visible in the teaching of economics. For instance, the standard introductory “macroeconomics” textbooks only loosely suggest that the fluctuation of house prices could lead to a wealth effect, affecting consumption and gross domestic product (GDP). It begs the question whether, if housing wealth fluctuations can lead to a significant “wealth effect,” households should be cautious as they allocate their wealth to housing. Yet standard introductory textbooks typically skip the decision process of how families make portfolio decisions, choosing between housing and other alternatives.