Climbing the property ladder: An analysis of market integration in London property prices
基于1995-2014年伦敦各区四种房产类型的季度数据，用成对单位根检验发现多数区房价长期收敛于同一趋势，并分析地理邻近性、住房类型和宜居设施对收敛的影响。
We investigate the long-run convergence of house prices across the London boroughs based on a pairwise unit root probabilistic testing procedure. In sharp contrast to the earlier literature, we employ a dataset that distinguishes between four different types of property in each borough. Using a quarterly dataset that spans from 1995 to 2014, we find evidence in favour of long-run convergence thereby suggesting that the great majority of London borough house prices are driven by a single common stochastic trend. In a further contribution, we offer new insights through analysing the determinants of long-run convergence, by considering the role of geographic proximity, type of accommodation and amenities (quality of life).