ECONOMETRIC MODELLING OF UK HOUSE PRICES USING ACCELERATED IMPORTANCE SAMPLING
扩展了Hendry(1984)的英国房价模型，引入随机和动态成分，利用加速重要性抽样进行数值积分，发现房价对随机潜变量（超额需求）的调整是完美的，且该潜变量仅取决于市场可观测特征。
We consider stochastic and dynamic extensions of a model for UK house prices proposed by Hendry (1984). Numerical integrations are carried out by means of an accelerated importance sampling technique developed by Richard and Zhang (1996a,b). We find that prices ‘perfectly’ adjust to a stochastic latent variable (‘excess demand’) whose distribution only depends upon observable characteristics of the market, not upon its own lagged values.