Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/35949 
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dc.contributor.authorHolly, Seanen
dc.contributor.authorPesaran, Mohammad Hashemen
dc.contributor.authorYamagata, Takashien
dc.date.accessioned2010-02-23-
dc.date.accessioned2010-07-07T12:04:34Z-
dc.date.available2010-07-07T12:04:34Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x4694en
dc.subject.jelC21en
dc.subject.jelC23en
dc.subject.ddc330en
dc.subject.keywordHouse pricesen
dc.subject.keywordcross sectional dependenceen
dc.subject.keywordspatial dependenceen
dc.titleSpatial and temporal diffusion of house prices in the UK-
dc.type|aWorking Paperen
dc.identifier.ppn619071087en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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