On the Link between Policy Uncertainty and House Prices: Asymmetric Evidence from State-Level Data in the United States

Mohsen Bahmani-Oskooee, Radames Azaryan and Seyed Hesam Ghodsi

Journal of Real Estate Portfolio Management, 2021, vol. 27, issue 2, 166-185

Abstract: A previous study in this journal assessed the short-run and long-run effects of policy uncertainty on house prices using data from each state of the United States. By assuming the effects to be symmetric, the study revealed short-run effects in 24 states and long-run effects in 17. When we assume the effects to be asymmetric and estimate a nonlinear model for each state, we show short-run asymmetric effects in 32 states and long-run asymmetric effects in 24 states. The increase in number of states from the linear model to nonlinear model is attributed to nonlinear adjustment of policy uncertainty.

Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/10835547.2021.1986348 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:repmxx:v:27:y:2021:i:2:p:166-185

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/repm20

DOI: 10.1080/10835547.2021.1986348

Access Statistics for this article

Journal of Real Estate Portfolio Management is currently edited by Peng Liu and Vivek Sah

More articles in Journal of Real Estate Portfolio Management from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().