Titman, Sheridan
[VerfasserIn]
;
Yang, Jing
[Sonstige Person, Familie und Körperschaft];
Wang, Ko
[Sonstige Person, Familie und Körperschaft]National Bureau of Economic Research
Erschienen:
Cambridge, Mass: National Bureau of Economic Research, August 2014
Erschienen in:NBER working paper series ; no. w20418
Umfang:
1 Online-Ressource
Sprache:
Englisch
DOI:
10.3386/w20418
Identifikator:
Reproduktionsnotiz:
Hardcopy version available to institutional subscribers
Entstehung:
Anmerkungen:
Mode of access: World Wide Web
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Beschreibung:
We analyze the prices of owner-occupied housing in 97 metropolitan areas between 1980 and 2011. Our tests indicate that price changes exhibit positive serial correlation at the one year intervals, with subsequent reversals of price changes over longer intervals. Consistent with our simple model, regional differences in observed price patterns reflect differences in the serial correlation of the demand shocks as well as the elasticity of supply responses