Differing house price linkages across UK regions: A multi-dimensional recursive ripple model
研究英国不同地区、不同类型住房价格之间的长期和短期关系，发现房价冲击会以递归涟漪方式在区域间传导，且不同住房类型的影响模式存在差异。
The aim of this study is to determine the nature of the relationship between house prices of different types of housing across the UK regions. We use an Autoregressive Distributed Lag bounds testing approach to determine the long-run relationships between house prices as well as an error correction model to estimate the short-run dynamics between house prices. The data include house prices across the regions of Great Britain and for new, old and modern houses. The results suggest that house price shocks ripple across regions, although the nature of the relationship varies across housing types. We further simulate the impact of house price shocks and reveal a complex structure whereby a house price shock in region A impacts upon prices in other regions, which in turn feedback into region A in a recursive ripple.