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Public Finance Review
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Accelerating Inflation and Nonassumable Fixed-Rate Mortgages: Effects On Consumer Choice and Welfare

Patric H. Hendershott

The Ohio State University and National Bureau of Economic Research, Cambridge, Massachusetts

Sheng Hu

Purdue University

As a result of both the decline of real user cost of owner-occupied housing and the failure of this cost for nonresidential investment to fail similarly, some have argued that the U.S. economy has overinvested to housing at the expense of industrial capital and thus has suffered substantial productivity losses.

Public Finance Review, Vol. 10, No. 2, 158-184 (1982)
DOI: 10.1177/109114218201000203
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