Land Prices, Rents and Inflation: A Cointegration Analysis

Authors: Lloyd, A.J.

https://www.scopus.com/inward/record.uri?eid=2-s2.0-0025630863&partnerID=40&md5=4bd03481bc3416d5a524c6bb38c23d5d

Journal: Oxford Agrarian Studies

Volume: 18

Pages: 97-111

DOI: 10.1080/13600819008424028

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Authors: Lloyd, T.A. and Rayner, A.J.

Journal: Oxford Agrarian Studies

Volume: 18

Issue: 2

Pages: 97-111

ISSN: 0264-5491

DOI: 10.1080/13600819008424028

This paper examines the relationship between real agricultural land prices and real rents for farmland using annual data. Taking account of inflation as a third variable there is evidence to suggest that rents and land prices are cointegrated; that is, changes in rents are mirrored in the long run by changes in land prices. it is also found that the implied real rate of return in the land market is around 3%. © 1990, Taylor & Francis Group, LLC. All rights reserved.

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