The Resource Two countries, sixteen cities, five thousand kilometres : how many housing markets?, Ryan Greenaway-MvGrevy, Arthur Grimes, Mark Holmes

Two countries, sixteen cities, five thousand kilometres : how many housing markets?, Ryan Greenaway-MvGrevy, Arthur Grimes, Mark Holmes

Label
Two countries, sixteen cities, five thousand kilometres : how many housing markets?
Title
Two countries, sixteen cities, five thousand kilometres
Title remainder
how many housing markets?
Statement of responsibility
Ryan Greenaway-MvGrevy, Arthur Grimes, Mark Holmes
Creator
Contributor
Author
Issuing body
Subject
Language
eng
Summary
We test whether a single housing market exists across sixteen cities covering two countries, Australia and New Zealand. Distances between these cities are vastly greater than commuting distances. We define a single housing market as one in which a single stochastic trend describes the long run path of real house prices in all cities. A strong form single housing market occurs when an innovation to the stochastic trend affects house prices in all cities, but not to an equal degree. We find that the sixteen housing markets are characterised by a weak form single housing market. The dynamic structure of adjustment reveals three groups of cities. House price shocks are first reflected in the price dynamics of a leading group of Australian cities (including Melbourne and Sydney), then flow to a group of follower cities comprising peripheral Australian and major New Zealand cities, and then to a group of laggard cities within New Zealand. Our theoretical model demonstrates how a weak form single housing market may arise due to differences between cities in house price responses to land prices, migration responses to house prices / or land price responsed to migration flows -- Abstract
Member of
Additional physical form
Also available in electronic .pdf version
http://library.link/vocab/creatorName
Greenaway-McGrevy, Ryan
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
  • abstracts summaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
  • Grimes, A.
  • Holmes, Mark J
  • Motu Economic and Public Policy Research Trust
Series statement
Motu working paper,
Series volume
16-04
http://library.link/vocab/subjectName
  • Housing
  • Housing
Label
Two countries, sixteen cities, five thousand kilometres : how many housing markets?, Ryan Greenaway-MvGrevy, Arthur Grimes, Mark Holmes
Instantiates
Publication
Copyright
Bibliography note
Includes bibliographical references (pages 18-21)
Carrier category
volume
Carrier MARC source
rdacarrier
Content category
text
Content type MARC source
rdacontent
Contents
Introduction -- Prior studies -- Data -- Methodology and econometric results -- Interpretation and conclusions -- Appendix: Canonical long run housing market model
Dimensions
30 cm
Extent
iii, 25 pages
Media category
unmediated
Media MARC source
rdamedia
Other physical details
colour illustrations
Label
Two countries, sixteen cities, five thousand kilometres : how many housing markets?, Ryan Greenaway-MvGrevy, Arthur Grimes, Mark Holmes
Publication
Copyright
Bibliography note
Includes bibliographical references (pages 18-21)
Carrier category
volume
Carrier MARC source
rdacarrier
Content category
text
Content type MARC source
rdacontent
Contents
Introduction -- Prior studies -- Data -- Methodology and econometric results -- Interpretation and conclusions -- Appendix: Canonical long run housing market model
Dimensions
30 cm
Extent
iii, 25 pages
Media category
unmediated
Media MARC source
rdamedia
Other physical details
colour illustrations

Library Locations

    • Manawatū LibraryBorrow it
      Tennent Drive, Palmerston North, Palmerston North, 4472, NZ
      -40.385340 175.617349
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