House Price Dynamics: an International Empirical Perspective
نویسندگان
چکیده
The paper compares the dynamics of housing prices in fifteen OECD countries. The data reveal a remarkable degree of similarity across countries and suggest rich dynamics for the first-differenced real annual house prices, with a significant structure of autocorrelation. We estimate a highly significant first-order autocorrelation coefficient at around .45 and obtain An earlier version of the paper was presented by Peter Englund in Glasgow, April 1994. We are grateful to Wilhelm Fritz at the Bank for International Settlements in Basel for providing the house price data. Ioannides acknowledges partial research support by National Science Foundation grant SES9211231.
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