CO‐INTEGRATION ANALYSIS AND THE DETERMINANTS OF LAND PRICES
介绍协整概念及其在计量建模中的应用，并重新检验英格兰和威尔士土地价格的决定模型，发现近期模型未能描述长期均衡关系，同时指出利率对土地价格有明确影响。
This paper outlines the concept of co‐integration and its use in econometric modelling. The techniques of co‐integration analysis are described, with particular emphasis given to test procedures. Co‐integration between two or more variables is taken to imply the existence of a long‐run equilibrium relationship between them. Co‐integration analysis is applied in a re‐examination of recent empirical models of the determination of land prices in England and Wales. The results suggest that recent land price models do not describe longrun relationships between land prices and the explanatory variables selected. Criticisms of the different measurements of returns to land used in studies to date are sustained by the analysis, and a clear role for interest rates in the determination of land prices is indicated.