Global Cities and Local Challenges: Booms and Busts in the London Real Estate Market
Alessandra Canepa (),
Emilio Zanetti Chini () and
Huthaifa Alqaralleh ()
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Huthaifa Alqaralleh: University of Turin, http://www.est.unito.it/
Department of Economics and Statistics Cognetti de Martiis. Working Papers from University of Turin
In this paper we investigate the dynamic features of house prices in London. Using a generalized smooth transition model (GSTAR) we show that dynamic symmetry in price cycles in the London housing market is strongly rejected. We also show that the GSTAR model is able to replicate the features of the observed cycle in the simulated data. Further, our results show that the proposed model performs well when compared to other linear and nonlinear speci?cations in a out-of-sample forecasting exercise.
Pages: pages 34
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