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A Model of Regional Housing Markets in England and Wales Author info | Abstract | Publisher info | Download info | Related research | Statistics Arnab Bhattacharjee
Chris Jensen-Butler
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We propose and estimate an economic model of regional housing markets in England andWales, incorporating both the macroeconomic relationships between prices, demand and supply and a microeconomic model of search, matching and price formation. The empirical model, estimated separately for each of the 10 government office regions in England and Wales, validates the economic model. However, we find substantial heterogeneity across the regions, which is potentially useful in informing housing and land-use policies. In addition, the model allows completely unrestricted inter-regional spatial relationships. The estimated spatial autocorrelations imply different drivers of spatial diffusion in different regions, the understanding of which can be improved by further work.
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Paper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number
0508.
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Date of creation: Jun 2005Date of revision:
Handle: RePEc:san:crieff:0508Contact details of provider: Postal: School of Economics and Finance, University of St. Andrews, Fife KY16 9AL Phone: 01334 462420 Web page: http://www.st-and.ac.uk/%7Ewww_crieff/discpaps.html
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Keywords: Housing markets ; Search and matching ; Spatial diffusion ; Housing demand ; Housing Supply. ; Other versions of this item:
Find related papers by JEL classification: R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand R31 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Housing Supply and Markets R33 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Arnab Bhattacharjee & Chris Jensen-Butler, 2005.
"Estimation of Spatial Weights Matrix in a Spatial Error Model, with an Application to Diffusion in Housing Demand ,"
CRIEFF Discussion Papers
0519, Centre for Research into Industry, Enterprise, Finance and the Firm.
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