The Long-Run Relationship among Regional Housing Prices: An Empirical Analysis of the U.S
AbstractThis empirical study tests the ripple effect and the long-run convergence associated with the dynamics of U.S. regional housing prices using the ARDL bounds testing approach and seasonally-adjusted monthly data from 1991:1 to 2010:12 for the nine U.S. census regions. The results support the presence of the ripple effect across regional housing markets and the long-run convergence of regional housing prices. However, the results reveal variation in the degree to which changes in regional housing prices differ across different regions in both the short run and long run. The speed of adjustment toward long-run equilibrium also varies across regions as well.
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Bibliographic InfoArticle provided by Mid-Continent Regional Science Association in its journal Journal of Regional Analysis and Policy.
Volume (Year): 42 (2012)
Issue (Month): 1 ()
Demand and Price Analysis;
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