Gregoriou, A., Kontonikas, A. and Montagnoli, A. (2014) Aggregate and regional house price to earnings ratio dynamics in the UK. Urban Studies, 51(13), pp. 2916-2927. (doi: 10.1177/0042098013506063)
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Publisher's URL: http://dx.doi.org/10.1177/0042098013506063
Abstract
This paper examines the time-series properties of house price to earnings ratio (HPER) in the UK using aggregate and regional data. Specifically, we utilise a series of unit root tests to examine the null hypothesis of nonstationary HPERs. These include linear tests as well as a nonlinear test and also a test which accounts for abrupt structural change. The results are against the notion of stationary HPERs. This implies that house prices may permanently diverge from earnings.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Kontonikas, Professor Alexandros and Montagnoli, Dr Alberto |
| Authors: | Gregoriou, A., Kontonikas, A., and Montagnoli, A. |
| College/School: | College of Social Sciences > Adam Smith Business School > Accounting and Finance |
| Journal Name: | Urban Studies |
| Journal Abbr.: | USJ |
| Publisher: | SAGE Publications |
| ISSN: | 1360-063X |
| ISSN (Online): | 0042-0980 |
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