کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5055363 | 1371490 | 2011 | 8 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Investigating regional house price convergence in the United States: Evidence from a pair-wise approach Investigating regional house price convergence in the United States: Evidence from a pair-wise approach](/preview/png/5055363.png)
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.
⺠House price convergence is investigated for US states and Metropolitan Areas. ⺠A probabilistic test statistic is based on pair-wise unit root tests. ⺠Confidence intervals are obtained from a bootstrap procedure. ⺠The results confirm the presence of long-run convergence. ⺠The speed of adjustment is inversely related to the distance between states.
Journal: Economic Modelling - Volume 28, Issue 6, November 2011, Pages 2369-2376