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Spatial Vector Error Correction

In: The Econometric Analysis of Non-Stationary Spatial Panel Data

Author

Listed:
  • Michael Beenstock

    (Hebrew University of Jerusalem)

  • Daniel Felsenstein

    (Hebrew University of Jerusalem)

Abstract

We begin with a theoretical discussion on the spatiotemporal dynamics induced by spatial VECMs (SpVECM). Subsequently, a hierarchy of empirical error correction models for house prices and housing construction in Israel is reported based on the empirical results for spatial panel cointegration reported in Chap. 8. Empirical illustrations for single equation error correction are presented and discussed. This is followed by empirical illustration of error correction involving two equations (house prices and housing construction) in which error correction occurs within and between equations, as in a SpVECM.

Suggested Citation

  • Michael Beenstock & Daniel Felsenstein, 2019. "Spatial Vector Error Correction," Advances in Spatial Science, in: The Econometric Analysis of Non-Stationary Spatial Panel Data, chapter 0, pages 233-250, Springer.
    • Handle: RePEc:spr:adspcp:978-3-030-03614-0_9
    DOI: 10.1007/978-3-030-03614-0_9
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