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- Title
STOCK-FLOW RELATIONSHIPS IN US HOUSING CONSTRUCTION.
- Authors
Tae-Hwy Lee
- Abstract
The article investigates the housing construction model in Hendry (1986) by testing cointegration between starts, completions, and the stock of housing units under construction in the United States. It provides clear evidence for the presence of the stock-flow links in the U.S. housing construction data. It is suggested from the estimated error correction models that the consideration of the integral correction for the stock-flow relationship would improve the predictability of the series involved. The article suggests that the concept of multicointegration may provide a useful characterization of these time series for overall economic conditions.
- Subjects
UNITED States; HOUSING; COINTEGRATION; HOUSING starts; CONSTRUCTION industry; ECONOMIC statistics; ECONOMETRICS; MATHEMATICAL models of economics; ESTIMATION theory
- Publication
Oxford Bulletin of Economics & Statistics, 1992, Vol 54, Issue 3, p419
- ISSN
0305-9049
- Publication type
Article
- DOI
10.1111/j.1468-0084.1992.tb00010.x