Is there any literature discussing the relationship between land price and investment?

Hi everyone,

Sorry that my question may not be related to Dynare…

I wonder if there is any empirical literature discussing the relationship between U.S. land price and investment.

Do the two variables have positive correlation?

Is there any city-level or state-level study?

Thanks in advance!


Liu, Z., Wang, P., & Zha, T. (2013). Land‐price dynamics and macroeconomic fluctuations. Econometrica, 81(3), 1147-1184.

They find investment and land prices to have a similar reaction to a positive technology and housing preference shock. Is that what you are looking for?