House Prices and Rents
研究发现，大都市区房价中与预期租金无关的波动会干扰价格租金比和房价滞后变化对未来租金的预测信息，但通过扣除月度截面均值可显著提升预测能力。
Abstract Variation in monthly metro area house prices unrelated to expected rents clouds the information about future rents in price-rent ratios and lagged changes in house prices. The variation in house prices unrelated to expected rents is, however, correlated across areas, and the problem is mitigated by measuring rent growth regression variables net of their monthly cross-section (across-area) means. This control for price variation unrelated to expected rents substantially enhances the information about future rents that we extract from price-rent ratios and lagged changes in house prices.