Scandinavian Working Papers in Economics

Working Paper Series,
Uppsala University, Department of Economics

No 2002:12: Turnover and Price in the Housing Market: Causation, Association or Independence?

Daniel Hallberg () and Per Johansson ()
Additional contact information
Daniel Hallberg: Department of Economics, Postal: Uppsala University, P.O. Box 513, SE-751 20 Uppsala, Sweden
Per Johansson: Institute for Labour Market Policy Evaluation, Postal: IFAU, P.O. Box 513, SE-751 20 Uppsala, Sweden

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

JEL-codes: C43; C51; D10

27 pages, May 14, 2002

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