What's the Beef with House Prices? Economic Shocks and Local Housing Markets
We examine the impact of shocks on community outcomes. The shocks that we examine are exogenous economic shocks which occur externally to the local community, and which are hypothesised to impact on the community. By testing the impact of these shocks on community developments, we enrich understanding of what causes communities to develop as they do over time. In particular, we gain a greater understanding of the impact of factors largely or wholly outside the control of local communities which lead to inequality in outcomes between communities. To focus our analysis, we concentrate on the price of houses within each community as the community outcome variable. The local price of houses summarises, in one dimension, a host of tangible and intangible components relating to the community of interest. We use a multivariate panel structure to estimate the long-run and short-run impacts of price, production and demographic variables on real house prices.
|Date of creation:||Oct 2004|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.motu.org.nz
More information through EDIRC
References listed on IDEAS
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.:
- Richard Fabling & Arthur Grimes, 2004.
"Insolvency and Economic Development:Regional Variation and Adjustment,"
Development and Comp Systems
- Fabling, Richard & Grimes, Arthur, 2005. "Insolvency and economic development: Regional variation and adjustment," Journal of Economics and Business, Elsevier, vol. 57(4), pages 339-359.
- Richard Fabling & Arthur Grimes, 2004. "Insolvency and Economic Development: Regional Variation and Adjustment," Working Papers 03_18, Motu Economic and Public Policy Research.
- Edward L. Glaeser & Joseph Gyourko & Raven Saks, 2003.
"Why is Manhattan So Expensive? Regulation and the Rise in House Prices,"
NBER Working Papers
10124, National Bureau of Economic Research, Inc.
- Edward L. Glaeser & Joseph Gyourko & Raven Saks, 2003. "Why is Manhattan So Expensive? Regulation and the Rise in House Prices," Harvard Institute of Economic Research Working Papers 2020, Harvard - Institute of Economic Research.
- Brendan O'Donovan & David Rae, 1997. "The determinants of house prices in New Zealand: An aggregate and regional analysis," New Zealand Economic Papers, Taylor & Francis Journals, vol. 31(2), pages 175-198.
- Arthur Grimes & Suzi Kerr & Andrew Aitken, 2003.
"Housing and Economic Adjustment,"
03_09, Motu Economic and Public Policy Research.
- Suzi Kerr, 2003.
"Indigenous Forests and Forest Sink Policy in New Zealand,"
03_15, Motu Economic and Public Policy Research.
- Suzi Kerr, 2004. "Indigenous Forests and Forest Sink Policy in New Zealand," Others 0401004, EconWPA.
- Suzi Kerr & Andrew Aitken & Arthur Grimes, 2004.
"Land Taxes and Revenue Needs as Communities Grow and Decline: Evidence from New Zealand,"
04_02, Motu Economic and Public Policy Research.
- Suzi Kerr & Andrew Aitken & Arthur Grimes, 2004. "Land Taxes and Revenue Needs as Communities Grow and Decline: Evidence from New Zealand," Working Papers 04_01, Motu Economic and Public Policy Research.
- Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002.
"Unit root tests in panel data: asymptotic and finite-sample properties,"
Journal of Econometrics,
Elsevier, vol. 108(1), pages 1-24, May.
- Tom Doan, . "LEVINLIN: RATS procedure to perform Levin-Lin-Chu test for unit roots in panel data," Statistical Software Components RTS00242, Boston College Department of Economics.
- Pasaran, M.H. & Im, K.S. & Shin, Y., 1995.
"Testing for Unit Roots in Heterogeneous Panels,"
Cambridge Working Papers in Economics
9526, Faculty of Economics, University of Cambridge.
- Edward L. Glaeser & Joseph Gyourko, 2003. "The impact of building restrictions on housing affordability," Economic Policy Review, Federal Reserve Bank of New York, issue Jun, pages 21-39.
- Timothy J. Bartik, 2003. "Local Economic Development Policies," Upjohn Working Papers and Journal Articles 03-91, W.E. Upjohn Institute for Employment Research.
- Dave Maré & Jason Timmins, 2003.
"Moving to Jobs?,"
Labor and Demography
- Dean R. Hyslop & David C. Maré, 2004.
"Understanding New Zealand s Changing Income Distribution 1983 98:A Semiparametric Analysis,"
- Dean R. Hyslop & David C. Maré, 2003. "Understanding New Zealand's Changing Income Distribution 1983-98: A Semiparametric Analysis," Working Papers 03_16, Motu Economic and Public Policy Research.
- Kao, Chihwa, 1999. "Spurious regression and residual-based tests for cointegration in panel data," Journal of Econometrics, Elsevier, vol. 90(1), pages 1-44, May.
- Timothy J. Bartik, 1991. "Who Benefits from State and Local Economic Development Policies?," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number wbsle, March.
- Arthur Grimes & Andrew Aitken & Suzi Kerr, 2004. "House Price Efficiency: Expectations, Sales, Symmetry," Urban/Regional 0408001, EconWPA.
When requesting a correction, please mention this item's handle: RePEc:mtu:wpaper:04_08. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Maxine Watene)
If references are entirely missing, you can add them using this form.