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

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

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Abstract

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. © Urban Studies Journal Limited 2013.

Item Type: Article
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences > Essex Business School
Faculty of Social Sciences > Essex Business School > Essex Finance Centre
Depositing User: Jim Jamieson
Date Deposited: 18 Nov 2016 13:14
Last Modified: 23 Jan 2019 01:15
URI: http://repository.essex.ac.uk/id/eprint/18033

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