Booms, Busts and Ripples in British Regional Housing Markets
AbstractWe present and discuss an annual econometric model of regional house prices in Britain estimated over the period 1972 to 2003. The model, which consists of a system of inverted housing demand equations, is data consistent, incorporates spatial lags and errors, has some spatial coefficient heterogeneity, has a plausible long run solution and includes a full range of explanatory variables. We use our results to explain the periods of boom and bust and the ripple effect from London house prices to house prices elsewhere. We also address the issue of whether there has been a bubble in the British housing market
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0512003.
Length: 41 pages
Date of creation: 06 Dec 2005
Date of revision:
Note: Type of Document - pdf; pages: 41
Contact details of provider:
Web page: http://22.214.171.124
House Prices; Ripple Effect; Bubble;
Find related papers by JEL classification:
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- E39 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Other
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-12-14 (All new papers)
- NEP-FMK-2005-12-14 (Financial Markets)
- NEP-GEO-2005-12-14 (Economic Geography)
- NEP-MAC-2005-12-14 (Macroeconomics)
- NEP-URE-2005-12-14 (Urban & Real Estate Economics)
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.:
- Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005.
"Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions,"
NBER Working Papers
11643, National Bureau of Economic Research, Inc.
- Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005. "Assessing High House Prices: Bubbles, Fundamentals and Misperceptions," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 67-92, Fall.
- Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005. "Assessing high house prices: bubbles, fundamentals, and misperceptions," Staff Reports 218, Federal Reserve Bank of New York.
- John Muellbauer & Emilio Fernandez-Corugedo, 2004. "Consumer credit conditions in the UK," Money Macro and Finance (MMF) Research Group Conference 2003 70, Money Macro and Finance Research Group.
- Roche, Maurice J., 2001. "The rise in house prices in Dublin: bubble, fad or just fundamentals," Economic Modelling, Elsevier, vol. 18(2), pages 281-295, April.
- Gavin Cameron & John Muellbauer, 2001. "Earnings, unemployment, and housing in Britain," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 203-220.
- G Johnes & T. Hyclak, .
"House Prices, Migration and Regional Labour Markets,"
ec9/91, Department of Economics, University of Lancaster.
- Johnes, Geraint & Hyclak, Thomas, 1994. "House Prices, Migration, and Regional Labor Markets," Journal of Housing Economics, Elsevier, vol. 3(4), pages 312-329, December.
- McDonald, Ronald & Taylor, Mark P, 1993. "Regional House Prices in Britain: Long-Run Relationships and Short-Run Dynamics," Scottish Journal of Political Economy, Scottish Economic Society, vol. 40(1), pages 43-55, February.
- Muellbauer, John & Murphy, Anthony, 1997.
"Booms and Busts in the UK Housing Market,"
Royal Economic Society, vol. 107(445), pages 1701-27, November.
- Juan Ayuso & Fernando Restoy, 2003. "House prices and rents: an equilibrium asset pricing approach," Banco de Espaï¿½a Working Papers 0304, Banco de Espa�a.
- Cameron, Gavin & Muellbauer, John, 1998.
"The Housing Market and Regional Commuting and Migration Choices,"
CEPR Discussion Papers
1945, C.E.P.R. Discussion Papers.
- Cameron, Gavin & Muellbauer, John, 1998. "The Housing Market and Regional Commuting and Migration Choices," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(4), pages 420-46, September.
- Cook, Steven, 2005. "Regional house price behaviour in the UK: application of a joint testing procedure," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 345(3), pages 611-621.
- Ashworth, John & Parker, Simon C, 1997. "Modelling Regional House Prices in the UK," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(3), pages 225-46, August.
- Bover, Olympia & Muellbauer, John & Murphy, Anthony, 1989.
"Housing, Wages and UK Labour Markets,"
Oxford Bulletin of Economics and Statistics,
Department of Economics, University of Oxford, vol. 51(2), pages 97-136, March.
- Geraint Johnes & Thomas Hyclak, . "House Prices and Regional Labor Markets," Working Papers ec15/93, Department of Economics, University of Lancaster.
- Karl E. Case & Robert J. Shiller, 2003. "Is There a Bubble in the Housing Market?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 299-362.
- Cameron, Gavin & Muellbauer, John, 2000. "Earnings Biases in the United Kingdom Regional Accounts: Some Economic Policy and Research Implications," Economic Journal, Royal Economic Society, vol. 110(464), pages F412-29, June.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA).
If references are entirely missing, you can add them using this form.