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一、方法和数据中国房地产市场的增长是被投机性驱动的吗?为了回答这问题,我们必须知道如何在房地产市场上检验投机性的存在。一种方式是使用房地产P/E比率,即将房地产的价格与其出租收入作比较。Meese和Wallace(1994)研究北加利福尼亚的房地产价格和租金之间的短期和长期的关
First, methods and data China’s real estate market growth is speculative-driven? In order to answer this question, we must know how to test the existence of speculative real estate market. One way is to use the real estate P / E ratio by comparing the price of the real estate with the rental income. Meese and Wallace (1994) study the short and long term relationship between real estate prices and rents in northern California