We investigate under what conditions the quantitative impact of the asset price channel is strong in a credit-constrained model in which real estate inelasticity supplied, so-called, "land", is used for production and serves as collateral. The technological substitutability between capital and land and adjustment costs of investment play important roles in amplifying and propagating shocks to the economy through the interaction of accumulating capital and assets that serve for collateral. The financial acceleration is at work strongly as the elasticity of substitution becomes smaller, because firms accumulate greater amounts of land in early periods to finance investment in later periods. The adjustment cost of investment strengthens the asset price effect.