Turnover and Price in the Housing Market: Causation, Association or Independence?

Daniel Hallberg and Per Johansson

No 2002:12, Working Paper Series from Uppsala University, Department of Economics

Abstract: We give general conditions for the data generating process to facilitate the testing of structural dependence of turnover on the average (or median) price in the homogenous housing market. Furthermore, the implications of aggregation over sub-markets is studied. A plausible explanation of the disparate empirical findings in this literature may be aggregation over heterogenous sub-markets. This conclusion is supported by empirical findings using longitudinal quarterly data for 289 Swedish municipalities during 1981:1-2000:2.

Keywords: Aggregation bias; House price; Volume of trade; Search (search for similar items in EconPapers)
JEL-codes: C43 C51 D10 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2002-05-14
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