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

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dc.contributor.authorHolmes, Mark J.
dc.contributor.authorOtero, Jesús
dc.contributor.authorPanagiotidis, Theodore
dc.date.accessioned2011-08-30T22:13:15Z
dc.date.available2011-08-30T22:13:15Z
dc.date.issued2011
dc.description.abstractIn 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.en_NZ
dc.identifier.citationHolmes, M.J., Otero, J. & Panagiotidis, T. (2011). Investigating regional house price convergence in the United States: Evidence from a pair-wise approach. Economic Modelling, 28(6), 23692376.en_NZ
dc.identifier.doi10.1016/j.econmod.2011.06.015en_NZ
dc.identifier.urihttps://hdl.handle.net/10289/5652
dc.language.isoen
dc.publisherElsevieren_NZ
dc.relation.isPartOfEconomic Modellingen_NZ
dc.relation.urihttp://www.sciencedirect.com/science/article/pii/S0264999311001477en_NZ
dc.subjectpanel dataen_NZ
dc.subjectcross-section dependenceen_NZ
dc.subjectpair-wise approachen_NZ
dc.subjecthouse pricesen_NZ
dc.subjectconvergenceen_NZ
dc.titleInvestigating regional house price convergence in the United States: Evidence from a pair-wise approachen_NZ
dc.typeJournal Articleen_NZ
pubs.begin-page2369en_NZ
pubs.elements-id4720
pubs.end-page2376en_NZ
pubs.issue6en_NZ
pubs.volume28en_NZ
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