Investigating regional house price convergence in the United States: Evidence from a pair-wise approach

Mark J. Holmes, Jesús Otero, Theodore Panagiotidis

Resultado de la investigación: Contribución a RevistaArtículo

46 Citas (Scopus)

Resumen

In this paper we examine long-run house price convergence across US states using a novel econometric approach advocated by Pesaran (2007) and Pesaran et al. (2009). Our empirical modelling strategy employs a probabilistic test statistic for convergence based on the percentage of unit root rejections among all state house price differentials. Using a sieve bootstrap procedure, we construct confidence intervals and find evidence in favour of convergence. We also conclude that speed of adjustment towards long-run equilibrium is inversely related to distance. © 2011 Elsevier B.V.
Idioma originalEnglish (US)
Páginas (desde-hasta)2369-2376
Número de páginas8
PublicaciónEconomic Modelling
DOI
EstadoPublished - nov 1 2011

Huella dactilar

House prices
Price convergence
U.S. States
Sieve bootstrap
Empirical modeling
Long-run equilibrium
Test statistic
Speed of adjustment
Confidence interval
Econometrics
Unit root

Citar esto

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Investigating regional house price convergence in the United States: Evidence from a pair-wise approach. / Holmes, Mark J.; Otero, Jesús; Panagiotidis, Theodore.

En: Economic Modelling, 01.11.2011, p. 2369-2376.

Resultado de la investigación: Contribución a RevistaArtículo

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