Investigating regional house price convergence in the United States: Evidence from a pair-wise approach

In this paper we examine long-run house price convergence across US states using a novel econometric approach advocated by Pesaran (2007) and Pesaran et al. (2009). Our empirical modelling strategy employs a probabilistic test statistic for convergence based on the percentage of unit root rejections...

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Tipo de recurso:
Fecha de publicación:
2011
Institución:
Universidad del Rosario
Repositorio:
Repositorio EdocUR - U. Rosario
Idioma:
eng
OAI Identifier:
oai:repository.urosario.edu.co:10336/23887
Acceso en línea:
https://doi.org/10.1016/j.econmod.2011.06.015
https://repository.urosario.edu.co/handle/10336/23887
Palabra clave:
Convergence
Cross-section dependence
House prices
Pair-wise approach
Panel data
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spelling 0360066a-2374-47c1-a721-fe350edc881479242814600e57b3be3-edf4-46e3-be0e-0cd5054df54b2020-05-26T00:06:24Z2020-05-26T00:06:24Z2011In this paper we examine long-run house price convergence across US states using a novel econometric approach advocated by Pesaran (2007) and Pesaran et al. (2009). Our empirical modelling strategy employs a probabilistic test statistic for convergence based on the percentage of unit root rejections among all state house price differentials. Using a sieve bootstrap procedure, we construct confidence intervals and find evidence in favour of convergence. We also conclude that speed of adjustment towards long-run equilibrium is inversely related to distance. © 2011 Elsevier B.V.application/pdfhttps://doi.org/10.1016/j.econmod.2011.06.0152649993https://repository.urosario.edu.co/handle/10336/23887eng2376No. 62369Economic ModellingVol. 28Economic Modelling, ISSN:2649993, Vol.28, No.6 (2011); pp. 2369-2376https://www.scopus.com/inward/record.uri?eid=2-s2.0-79961114348&doi=10.1016%2fj.econmod.2011.06.015&partnerID=40&md5=e6fc36e8fcddeb84c01c89b87dcefeccAbierto (Texto Completo)http://purl.org/coar/access_right/c_abf2instname:Universidad del Rosarioreponame:Repositorio Institucional EdocURConvergenceCross-section dependenceHouse pricesPair-wise approachPanel dataInvestigating regional house price convergence in the United States: Evidence from a pair-wise approacharticleArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501Holmes M.J.Otero Cardona, Jesús GilbertoPanagiotidis T.ORIGINALwp29_11.pdfapplication/pdf408889https://repository.urosario.edu.co/bitstreams/7b903268-1224-423b-bd98-7f202611e587/download45f5562b05988c0a407fc71725351f8bMD51TEXTwp29_11.pdf.txtwp29_11.pdf.txtExtracted texttext/plain55320https://repository.urosario.edu.co/bitstreams/c0bdace5-adbd-41bf-8acb-821bd4bc4a50/download7789337aa3cbf7b3aa8b32da7d7af640MD52THUMBNAILwp29_11.pdf.jpgwp29_11.pdf.jpgGenerated Thumbnailimage/jpeg4183https://repository.urosario.edu.co/bitstreams/0f90b85b-f794-40bd-bfbf-18344fe74c3b/download6d6553014e9cfec8299ba97eb5669aa7MD5310336/23887oai:repository.urosario.edu.co:10336/238872022-05-02 07:37:16.912859https://repository.urosario.edu.coRepositorio institucional EdocURedocur@urosario.edu.co
dc.title.spa.fl_str_mv Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
title Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
spellingShingle Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
Convergence
Cross-section dependence
House prices
Pair-wise approach
Panel data
title_short Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
title_full Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
title_fullStr Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
title_full_unstemmed Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
title_sort Investigating regional house price convergence in the United States: Evidence from a pair-wise approach
dc.subject.keyword.spa.fl_str_mv Convergence
Cross-section dependence
House prices
Pair-wise approach
Panel data
topic Convergence
Cross-section dependence
House prices
Pair-wise approach
Panel data
description In this paper we examine long-run house price convergence across US states using a novel econometric approach advocated by Pesaran (2007) and Pesaran et al. (2009). Our empirical modelling strategy employs a probabilistic test statistic for convergence based on the percentage of unit root rejections among all state house price differentials. Using a sieve bootstrap procedure, we construct confidence intervals and find evidence in favour of convergence. We also conclude that speed of adjustment towards long-run equilibrium is inversely related to distance. © 2011 Elsevier B.V.
publishDate 2011
dc.date.created.spa.fl_str_mv 2011
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dc.identifier.issn.none.fl_str_mv 2649993
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https://repository.urosario.edu.co/handle/10336/23887
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dc.relation.citationTitle.none.fl_str_mv Economic Modelling
dc.relation.citationVolume.none.fl_str_mv Vol. 28
dc.relation.ispartof.spa.fl_str_mv Economic Modelling, ISSN:2649993, Vol.28, No.6 (2011); pp. 2369-2376
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