کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
970888 932167 2011 22 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The spatial and temporal diffusion of house prices in the UK
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The spatial and temporal diffusion of house prices in the UK
چکیده انگلیسی

This paper provides a method for the analysis of the spatial and temporal diffusion of shocks in a dynamic system. We use changes in real house prices within the UK economy at the level of regions to illustrate its use. Adjustment to shocks involves both a region specific and a spatial effect. Shocks to a dominant region – London – are propagated contemporaneously and spatially to other regions. They in turn impact on other regions with a delay. We allow for lagged effects to echo back to the dominant region. London in turn is influenced by international developments through its link to New York and other financial centers. It is shown that New York house prices have a direct effect on London house prices. We analyse the effect of shocks using generalised spatio-temporal impulse responses. These highlight the diffusion of shocks both over time (as with the conventional impulse responses) and over space.

Research highlights
► The paper provides a method for modelling spatial and temporal diffusion.
► London proves to be a dominant region for understanding house prices in the UK.
► But New York house prices are also informative about London house prices.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Urban Economics - Volume 69, Issue 1, January 2011, Pages 2–23
نویسندگان
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