An Empirical Examination of the Stability of Housing Price Equations Over Time
利用1959-1979年温哥华某社区年度数据估计24个房价方程，发现系数随时间显著不稳定，且用当年系数预测误差最小，建议每年重新校准方程。
This study investigates the extent to which the coefficients of housing price equations are stable over time. Using annual data from 1959 to 1979 for a large neighbourhood in Vancouver, British Columbia, a series of twenty‐four housing price equations is estimated. The estimated coefficients exhibit substantial instability over the period. Further, prediction errors are generally minimized for a given year when the coefficients estimated for that year are used to predict. The results strongly suggest that such equations should be recalibrated each year.