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Aggregate and regional house price to earnings ratio dynamics in the UK

Gregoriou, Andros and Kontonikas, Alexandros and Montagnoli, Alberto (2014) 'Aggregate and regional house price to earnings ratio dynamics in the UK.' Urban Studies, 51 (13). pp. 2916-2927. ISSN 0042-0980

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Abstract

<jats:p> This paper examines the time-series properties of house price to earnings ratio (HPER) in the UK using aggregate and regional data. Specifically, we utilise a series of unit root tests to examine the null hypothesis of nonstationary HPERs. These include linear tests as well as a nonlinear test and also a test which accounts for abrupt structural change. The results are against the notion of stationary HPERs. This implies that house prices may permanently diverge from earnings. </jats:p>

Item Type: Article
Uncontrolled Keywords: economics; housing; methods; time series; unit root test
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences
Faculty of Social Sciences > Essex Business School
Faculty of Social Sciences > Essex Business School > Essex Finance Centre
SWORD Depositor: Elements
Depositing User: Elements
Date Deposited: 18 Nov 2016 13:14
Last Modified: 18 Aug 2022 11:29
URI: http://repository.essex.ac.uk/id/eprint/18033

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