Compartir
Finance and Economics Discussion Series: The Long-Run Relationship Between House Prices and Income: Evidence from Local Housing Markets (en Inglés)
United States Federal Reserve Board
(Autor)
·
Joshua Gallin
(Autor)
·
Bibliogov
· Tapa Blanda
Finance and Economics Discussion Series: The Long-Run Relationship Between House Prices and Income: Evidence from Local Housing Markets (en Inglés) - Gallin, Joshua ; United States Federal Reserve Board
$ 12.42
$ 14.75
Ahorras: $ 2.33
Elige la lista en la que quieres agregar tu producto o crea una nueva lista
✓ Producto agregado correctamente a la lista de deseos.
Ir a Mis ListasSe enviará desde nuestra bodega entre el
Lunes 01 de Julio y el
Martes 02 de Julio.
Lo recibirás en cualquier lugar de Estados Unidos entre 1 y 3 días hábiles luego del envío.
Reseña del libro "Finance and Economics Discussion Series: The Long-Run Relationship Between House Prices and Income: Evidence from Local Housing Markets (en Inglés)"
The proposition that "housing prices can't continue to outpace growth in household income" (Wall Street Journal; July 25, 2002) is the received wisdom among many housing-market observers. More formally, many in the housing literature argue that house prices and income are cointegrated. In this paper, I show that the data do not support this view. Standard tests using 27 years of national-level data do not find evidence of cointegration. However, it is known that tests for cointegration have low power, especially in small samples. I use panel-data tests for cointegration that have been shown to be more powerful than their standard time-series counterparts to test for cointegration in a panel of 95 metro areas over 23 years. Using a bootstrap approach to allow for cross-correlations in city-level house-price shocks, I show that even these more powerful tests do not reject the hypothesis of no cointegration. Thus the error-correction specification for house prices and income commonly found in the literature may be inappropriate.
- 0% (0)
- 0% (0)
- 0% (0)
- 0% (0)
- 0% (0)
Todos los libros de nuestro catálogo son Originales.
El libro está escrito en Inglés.
La encuadernación de esta edición es Tapa Blanda.
✓ Producto agregado correctamente al carro, Ir a Pagar.
