12min chapter

Macro Musings with David Beckworth cover image

Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star

Macro Musings with David Beckworth

CHAPTER

Analyzing the Real Return on Housing in the UK

The speakers delve into the measurement of the long run value of UK property by observing lease extensions, similar to measuring the long run value of government bonds. They present research findings showing a decrease in the long run rate of return on housing in the UK and discuss its implications for interest rates. They also provide access to real-time estimates of measures and speculate on future interest rate changes.

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