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. DOI https://doi.org/10.1177/0042098013506063
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. DOI https://doi.org/10.1177/0042098013506063
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. DOI https://doi.org/10.1177/0042098013506063
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: | Unnamed user with email elements@essex.ac.uk |
| Depositing User: | Unnamed user with email elements@essex.ac.uk |
| Date Deposited: | 18 Nov 2016 13:14 |
| Last Modified: | 18 Aug 2022 11:29 |
| URI: | http://repository.essex.ac.uk/id/eprint/18033 |