Convergence in U.S. house prices by state: Evidence from the club convergence and clustering procedure

被引：41
作者：
Nicholas Apergis
James E. Payne
机构：
[1] Department of Banking and Financial Management, University of Piraeus, Piraeus
[2] Regional Vice Chancellor for Academic Affairs, University of South Florida Polytechnic, Lakeland, FL 33803-9714
来源：
Letters in Spatial and Resource Sciences | 2012年 / 5卷 / 2期
关键词：
Convergence; Panel; U.S. house prices;
D O I：
10.1007/s12076-011-0075-7
中图分类号：
学科分类号：
摘要：
This study examines the convergence of U. S. house prices by state over the quarterly period 1975:1 to 2010:4 through the club convergence and clustering procedure of Phillips and Sul (Econometrica 75:1771-1855, 2007). The results indicate the presence of three convergence clubs with the first convergence club consisting of 29 states inclusive of the entire BEA regions of the Mideast, New England, and Rocky Mountain as well as several states from the other BEA regions. The second convergence club consists of 19 states primarily in the Southeast and Plains regions along with a few states from the Far West, Southwest, and Great Lakes regions. The third convergence club comprises two states in the Southeast region (Arkansas and Mississippi). © 2012 Springer-Verlag.
引用
收藏
页码：103 / 111
页数：8
相关论文
共 32 条
[1]  
Alexander C., Barrow M., Seasonality and cointegration of regional house prices in the UK, Urban Stud., 31, pp. 1667-1689, (1994)
[2]  
Ashworth J., Parker S.C., Modelling regional house prices in the UK, Scott. J. Polit. Econ., 44, pp. 225-246, (1997)
[3]  
Barros C.P., Gil-Alana L., Payne J.E., Tests of convergence and long memory behavior in U. S. housing prices by state, (2011)
[4]  
Berry M., Housing affordability and the economy: A review of labor market impacts and policy issues: Research paper, No. 5, (2006)
[5]  
Burger P., Rensburg L., Metropolitan house prices in South Africa: do they converge?, S. Afr. J. Econ., 76, pp. 291-297, (2008)
[6]  
Chien M.-S., Structural breaks and the convergence of regional house prices, J. Real Estate Finance Econ., 40, pp. 77-88, (2010)
[7]  
Clark S.P., Coggin D., Trends, cycles, and convergence in U.S. regional house prices, J. Real Estate Finance Econ., 39, pp. 264-283, (2009)
[8]  
Cook S., The convergence of regional house prices in the UK, Urban Stud., 40, pp. 2285-2294, (2003)
[9]  
Cook S., Detecting long-run relationships in regional house prices in the UK, Int. Rev. Appl. Econ., 19, pp. 107-118, (2005)
[10]  
Cook S., Thomas C., An alternative approach to examining the ripple effect in UK house prices, Appl. Econ. Lett., 10, pp. 849-851, (2003)
1234