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What’s the Beef with House Prices? Economic Shocks and Local Housing Markets

Arthur Grimes () and Andrew Aitken

Urban/Regional from EconWPA

Abstract: We examine the impact of shocks on community outcomes. The shocks that we examine are exogenous economic shocks which occur externally to the local community, and which are hypothesised to impact on the community. By testing the impact of these shocks on community developments, we enrich understanding of what causes communities to develop as they do over time. In particular, we gain a greater understanding of the impact of factors largely or wholly outside the control of local communities which lead to inequality in outcomes between communities. To focus our analysis, we concentrate on the price of houses within each community as the community outcome variable. The local price of houses summarises, in one dimension, a host of tangible and intangible components relating to the community of interest. We use a multivariate panel structure to estimate the long-run and short-run impacts of price, production and demographic variables on real house prices.

Keywords: House prices; commodity prices; regional shocks; adjustment dynamics (search for similar items in EconPapers)
JEL-codes: R10 R21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-geo and nep-ure
Date: 2005-09-12
Note: Type of Document - pdf; pages: 29
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpur:0509011

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