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

"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 reje...

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Autores Principales: Holmes M.J., Otero, Jesus, Panagiotidis T.
Formato: Artículo (Article)
Lenguaje:Inglés (English)
Publicado: 2011
Materias:
Acceso en línea:https://repository.urosario.edu.co/handle/10336/23887
https://doi.org/10.1016/j.econmod.2011.06.015
id ir-10336-23887
recordtype dspace
spelling ir-10336-238872021-09-15T22:16:34Z Investigating regional house price convergence in the United States: Evidence from a pair-wise approach Holmes M.J. Otero, Jesus Panagiotidis T. Convergence Cross-section dependence House prices Pair-wise approach Panel data "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." 2011 2020-05-26T00:06:24Z info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion 2649993 https://repository.urosario.edu.co/handle/10336/23887 https://doi.org/10.1016/j.econmod.2011.06.015 eng info:eu-repo/semantics/openAccess application/pdf instname:Universidad del Rosario reponame:Repositorio Institucional EdocUR
institution EdocUR - Universidad del Rosario
collection DSpace
language Inglés (English)
topic Convergence
Cross-section dependence
House prices
Pair-wise approach
Panel data
spellingShingle Convergence
Cross-section dependence
House prices
Pair-wise approach
Panel data
Holmes M.J.
Otero, Jesus
Panagiotidis T.
Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
description "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."
format Artículo (Article)
author Holmes M.J.
Otero, Jesus
Panagiotidis T.
author_facet Holmes M.J.
Otero, Jesus
Panagiotidis T.
author_sort Holmes M.J.
title Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
title_short Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
title_full Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
title_fullStr Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
title_full_unstemmed Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
title_sort investigating regional house price convergence in the united states: evidence from a pair-wise approach
publishDate 2011
url https://repository.urosario.edu.co/handle/10336/23887
https://doi.org/10.1016/j.econmod.2011.06.015
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