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

Mark J. Holmes, Jesús Otero, Theodore Panagiotidis

Producción científica: Contribución a una revistaArtículorevisión exhaustiva

82 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.

Idioma originalInglés estadounidense
Páginas (desde-hasta)2369-2376
Número de páginas8
PublicaciónEconomic Modelling
Volumen28
N.º6
DOI
EstadoPublicada - nov. 2011

Áreas temáticas de ASJC Scopus

  • Economía y econometría

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