Local house price comovements
利用曼哈顿2004-2015年重复销售数据，发现房价联动是高度本地化且持久的现象，其强度随空间和时间距离减弱，且本地表现不佳比表现优异更持久。
Abstract We study the microlevel evolution of residential house prices using data on repeat sales on Manhattan Island from 2004 to 2015. We document that price comovement, even within a ZIP code, is a highly local and persistent phenomenon. The strength of such comovements vanishes with both spatial and temporal distance. Local underperformance is more persistent than local overperformance, particularly when house prices on aggregate level increase.