Volume Title: Housing Markets in the U.S. and Japan. Volume Author/Editor: Yukio Noguchi and James Poterba

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1 This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Housing Markets in the U.S. and Japan Volume Author/Editor: Yukio Noguchi and James Poterba Volume Publisher: University of Chicago Press Volume ISBN: Volume URL: Conference Date: January 3-4, 1991 Publication Date: January 1994 Chapter Title: Front matter,housing Markets in the United States and Japan Chapter Author: Yukio Noguchi, James M. Poterba Chapter URL: Chapter pages in book: (p )

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4 Housing Markets in the United States and Japan

5 A National Bureau of Economic Research Conference Report

6 ~~~~ Housing Markets in the United States and Japan Editedby YUkiO Noguchi and James M. Poterba The University of Chicago Press Chicago and London

7 YUKIO NOGUCHI is professor of economics at Hitotsubashi University. JAMES M. POTERBA is professor of economics at the Massachusetts Institute of Technology and director of the Public Economics Research Program at the National Bureau of Economic Research. The University of Chicago Press, Chicago The University of Chicago Press, Ltd., London by the National Bureau of Economic Research All rights reserved. Published 1994 Printed in the United States of America ISBN: (Cloth) Library of Congress Cataloging-in Publication Data Housing markets in the United States and Japan / edited by Yukio Noguchi and James M. Poterba. p. cm. -(A National Bureau of Economic Research conference report) The research papers collected in this volume were presented at a joint Japan Center for Economic Research (JCER)-National Bureau of Economic Research (NBER) conference in January Acknowledgments. Includes bibliographical references and indexes. I. Housing-United States-Congresses. 2. Housing-Japan- Congresses. I. Noguchi, Yukio, II. Poterba, James M Series: Conference report (National Bureau of Economic Research) HD7293.H d~ CIP 8 The paper used in this publication meets the minimum requirements of the American National Standard for Information Sciences-Permanence of Paper for Printed Library Materials, ANSI

8 National Bureau of Economic Research Officers George T. Conklin, Jr., chairman Paul W. McCracken, vice chairman Martin Feldstein, president and chief execurive oflcer Geoffrey Carliner, executive director Charles A. Walworth, treasurer Sam Parker, director of$nance and administration Directors at Large Elizabeth E. Bailey John H. Biggs Andrew Brimmer Carl F. Christ George T. Conklin, Jr. Don R. Conlan Kathleen B. Cooper Jean A. Crockett George C. Eads Martin Feldstein George Hatsopoulos Lawrence R. Klein Franklin A. Lindsay Paul W. McCracken Leo Melamed Michael H. Moskow Robert T. Parry Peter G. Peterson Robert V. Roosa Richard N. Rosett Bert Seidman Eli Shapiro Donald S. Wasserman Marina v. N. Whitman Directors by University Appointment Jagdish Bhagwati, Columbia William C. Brainard, Yale Glen G. Cain, Wisconsin Franklin Fisher, Massachusetts Institute of Technology Saul H. Hymans, Michigan Marjorie B. McElroy, Duke Joel Mokyr, Northwestern James L. Pierce, California, Berkeley Andrew Postelwaite, Pennsylvania Nathan Rosenberg, Stanford Harold T. Shapiro, Princeton Craig Swan, Minnesota Michael Yoshino, Harvard Arnold Zellner, Chicago Directors by Appointment of Other Organizations Marcel Boyer, Canadian Economics Association Rueben C. Buse, American Agricultural Economics Association Richard A. Easterlin, Economic History Association Gail D. Fosler, The Conference Board A. Ronald Gallant, American Statistical Association Robert S. Hamada, American Finance Association Charles Lave, American Economic Association Rudolph A. Oswald, American Federation of Labor and Congress of Industrial Organizations Dean P. Phypers, Committee for Economic Development James F. Smith, National Association of Business Economists Charles A. Walworth, American Institute of Certged Public Accountants Directors Emeriti Moses Abramovitz Gottfried Haberler George B. Roberts Emilio G. Collado Geoffrey H. Moore William S. Vickrey Thomas D. Flynn James J. O Leary Since this volume is a record of conference proceedings, it has been exempted from the rules governing critical review of manuscripts by the Board of Directors of the National Bureau (resolution adopted 8 June 1948, as revised 21 November 1949 and 20 April 1968).

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10 Contents Acknowledgments Introduction 1 Yukio Noguchi and James M. Poterba Land Prices and House Prices in Japan 11 Yukio Noguchi Land Prices and House Prices in the United States Karl E. Case Housing Finance in Japan Miki Seko Housing Finance in the United States Patric H. Hendershott Housing and the Journey to Work in the Tokyo Metropolitan Area Tatsuo Hatta and Toru Ohkawara Housing and the Journey to Work in U.S. Cities Michelle J. White Housing and Saving in Japan Toshiaki Tachibanaki Housing and Saving in the United States Jonathan Skinner Public Policy and Housing in Japan Takatoshi Ito ix

11 viii Contents 10. Public Policy and Housing in the United States 239 James M. Poterba Contributors 257 Author Index 259 Subject Index 263

12 Acknowledgments The research papers collected in this volume were presented at a joint Japan Center for Economic Research (JCER)-National Bureau of Economic Research (NBER) conference in January We are grateful to Yutaka Kosai, president of JCER, and Martin Feldstein, president of NBER, for laying the groundwork for such joint meetings. They also provided important guidance in shaping the agenda for this conference. Organizing a conference with participants from two continents is not a simple task, and the staff at JCER and NBER provided outstanding logistical support for our meeting. We are particularly grateful to Ilana Hardesty of NBER, who attended the conference and served as conference coordinator, and to Hiromichi Mutoh and Professor Seiritsu Ogura of JCER for very able assistance. We also wish to thank Kirsten Davis, director of the NBER Conference Department, for ongoing help in planning and organizing the meeting. After a conference, the real work of publishing the proceedings begins. We wish to thank Deborah Kiernan and Jane Konkel of the NBER and Kumiko Mizutani of the JCER for their help in preparing this volume for publication. ix

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