Globalization Institute Working Paper 401 September 2020 (Revised June 2021) Research Department https://doi.org/10.24149/gwp401r1 Working papers from the Federal Reserve Bank of Dallas are preliminary drafts circulated for professional comment. The views in this paper are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Dallas or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Land Price Dynamics and Macroeconomic Fluctuations with Imperfect Substitution in Real Estate Markets J. Scott Davis, Kevin X.D. Huang and Ayse Sapci