Working Paper Series, Department of Economics, Uppsala University
No 2002:12:
Turnover and Price in the Housing Market: Causation, Association or Independence?
Daniel Hallberg ()
and Per Johansson ()
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; (follow links to similar papers)
JEL-Codes: C43; C51; D10; (follow links to similar papers)
27 pages, May 14, 2002
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