House Prices, Rents, and Inflation
Asset values are just a function of current earnings, anticipated earnings growth, and the discount rate
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House prices have soared across the rich world since the start of the pandemic, with the median country experiencing an increase of more than 10% since the start of 2020.
So far, these increases have far outpaced changes in average wages as well as conventional measures of consumer prices. That’s starting to fuel a debate about whether inflation is being…