EconStor >
Forschungsinstitut zur Zukunft der Arbeit (IZA), Bonn >
IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA) >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/35949
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorHolly, Seanen_US
dc.contributor.authorPesaran, Mohammad Hashemen_US
dc.contributor.authorYamagata, Takashien_US
dc.date.accessioned2010-02-23en_US
dc.date.accessioned2010-07-07T12:04:34Z-
dc.date.available2010-07-07T12:04:34Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/35949-
dc.description.abstractThis paper provides a method for the analysis of the spatial and temporal diffusion of shocks in a dynamic system. We use changes in real house prices within the UK economy at the level of regions to illustrate its use. Adjustment to shocks involves both a region specific and a spatial effect. Shocks to a dominant region - London - are propagated contemporaneously and spatially to other regions. They in turn impact on other regions with a delay. We allow for lagged effects to echo back to the dominant region. London in turn is influenced by international developments through its link to New York and other financial centers. It is shown that New York house prices have a direct effect on London house prices. We analyse the effect of shocks using generalised spatio-temporal impulse responses. These highlight the diffusion of shocks both over time (as with the conventional impulse responses) and over space.en_US
dc.language.isoengen_US
dc.publisherIZA Bonnen_US
dc.relation.ispartofseriesIZA Discussion Papers 4694en_US
dc.subject.jelC21en_US
dc.subject.jelC23en_US
dc.subject.ddc330en_US
dc.subject.keywordHouse pricesen_US
dc.subject.keywordcross sectional dependenceen_US
dc.subject.keywordspatial dependenceen_US
dc.titleSpatial and temporal diffusion of house prices in the UKen_US
dc.typeWorking Paperen_US
dc.identifier.ppn619071087en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

Files in This Item:
File Description SizeFormat
619071087.pdf709.86 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.