The dynamic relationship between house prices and output : evidence from US metropolitan areas
| dc.contributor.author | Apergis, Nicholas | |
| dc.contributor.author | Simo-Kengne, Beatrice Desiree | |
| dc.contributor.author | Gupta, Rangan | |
| dc.contributor.author | Chang, Tsangyao | |
| dc.contributor.email | rangan.gupta@up.ac.za | en_ZA |
| dc.date.accessioned | 2016-02-16T08:18:05Z | |
| dc.date.issued | 2015-10 | |
| dc.description.abstract | This paper investigates the long-run and short-term dynamics of 351 US metropolitan statistical area housing prices in relation to personal income. We apply a panel cointegration approach on annual data from 1993 to 2011 and find a long-run relationship between local house prices and per capita personal income. The causal direction is then assessed based on an autoregressive distributed lag specification that also accommodates for error-correction. Results from Granger-causality tests reveal the existence of a bi-directional causality between real house prices and real per capita personal income over both long- and short-horizons. We conclude that changes in personal income can predict house price movements and vice versa. | en_ZA |
| dc.description.embargo | 2017-04-30 | |
| dc.description.librarian | hb2015 | en_ZA |
| dc.description.uri | http://www.tandfonline.com/loi/tspm20 | en_ZA |
| dc.identifier.citation | Nicholas Apergis, Beatrice D. Simo-Kengne, Rangan Gupta & Tsangyao Chang (2015) The dynamic relationship between house prices and output: evidence from US metropolitan areas, International Journal of Strategic Property Management, 19:4, 336-345, DOI:10.3846/1648715X.2015.1072857. | en_ZA |
| dc.identifier.issn | 1648-715X (print) | |
| dc.identifier.issn | 1648-9179 (online) | |
| dc.identifier.other | 10.3846/1648715X.2015.1072857 | |
| dc.identifier.uri | http://hdl.handle.net/2263/51402 | |
| dc.language.iso | en | en_ZA |
| dc.publisher | Taylor and Francis | en_ZA |
| dc.rights | © 2015 Vilnius Gediminas Technical University (VGTU) Press. This is an electronic version of an article published in International Journal of Strategic Property Management, vol.19, no. 4, pp. 336-345, 2015. doi : 10.3846/1648715X.2015.1072857. International Journal of Strategic Property Management is available online at : http://www.tandfonline.comloi/tspm2 . | en_ZA |
| dc.subject | Real house prices | en_ZA |
| dc.subject | Real personal income per capita | en_ZA |
| dc.subject | Panel cointegration | en_ZA |
| dc.subject | Panel causality | en_ZA |
| dc.title | The dynamic relationship between house prices and output : evidence from US metropolitan areas | en_ZA |
| dc.type | Postprint Article | en_ZA |