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英文文献：Swings in commercial and residential land prices in the United States-美国商业和住宅用地价格的波动
英文文献作者：Stephen D. Oliner,Joseph B. Nichols,Michael R. Mulhall
英文文献摘要：
We use a large dataset of land sales dating back to the mid-1990s to construct land price indexes for 23 MSAs in the United States and for the aggregate of those MSAs. The price indexes show a dramatic increase in both commercial and residential land prices over several years prior to their peak in 2006-07 and a steep descent since then. These fluctuations have exceeded those in well-known indexes of home prices and commercial real estate prices. Because those indexes price a bundle of land and structures, this comparison implies that land prices have been more volatile than structures prices over this period. This result is a key element of the land leverage hypothesis, which holds that home prices and commercial property prices will be more volatile, all else equal, in areas where land represents a larger share of real estate value.
我们使用可追溯到20世纪90年代中期的土地销售数据集，为美国的23个msa以及这些msa的总和构建土地价格指数。这些价格指数显示，在2006-07年达到峰值之前的几年里，商业和住宅用地价格都出现了大幅上涨，而在那之后则出现了大幅下跌。这些波动已经超过了众所周知的房价指数和商业房地产价格指数。由于这些指数对土地和结构进行了定价，这种比较表明，在此期间，土地价格比结构价格波动性更大。这一结果是土地杠杆假说的一个关键因素。该假说认为，在其他条件相同的情况下，土地在房地产价值中所占比例较大的地区，住房价格和商业地产价格将更加波动。
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