Speculative Bubbles in U.K. House Prices: Some New Evidence.
In this article, we test the view, widely held among both academics and practitioners, that speculative bubbles have characterized the time series behavior of U.K. house prices in recent times. We motivate our empirical analysis using a stylized overlapping-generations model which generates a housin...
| Publicado en: | Southern Economic Journal Vol. 70; no. 4; pp. 777 - 796 |
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| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
Southern Economic Association
April 2004
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=510323380&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 510323380 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: April 2004 vid: 70 iid: 4 pid: 1482 pub: Southern Economic Association artinfo: ui: 510323380 10.2307/4135272 ppf: 777 ppct: 19 formats: fmt: @attributes: type: T tig: atl: Speculative Bubbles in U.K. House Prices: Some New Evidence. aug: au: Garino, Gaia Sarno, Lucio su: Housing Mathematical models Home prices United Kingdom sug: subj: United Kingdom Housing Mathematical models Home prices ab: In this article, we test the view, widely held among both academics and practitioners, that speculative bubbles have characterized the time series behavior of U.K. house prices in recent times. We motivate our empirical analysis using a stylized overlapping-generations model which generates a housing demand function of the form assumed by a large literature, illustrating how rational bubbles may arise as a solution to the house price determination equation. Employing two recently developed econometric techniques specifically designed to test for rational bubbles, we then provide empirical evidence for the existence of bubbles in U.K. house prices over the sample period 1983-2002. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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