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- Title
ECONOMETRIC MODELLING OF UK HOUSE PRICES USING ACCELERATED IMPORTANCE SAMPLING.
- Authors
Richard, Jean-François; Zhang, Wei
- Abstract
The article discusses econometric modelling of Great Britain house prices using accelerated importance sampling. House prices in Great Britain exhibited dramatic increases in the period from 1959 to 1982, especially in the early 1970's. In particular, nominal prices of existing houses rose by over twelve-fold over that period, at times far in excess of the prevailing general rate of inflation. Various explanations have been offered for such large increases. Some argued that building societies were mainly responsible for the severe disruptions in the housing market, noting that such occurrences, by and large, coincided with periods when the societies were providing funds at record levels. Others suggested that major changes in economic policy were principally to blame for the severe fluctuations in house prices. Economic analysts pointed out that house prices were simply catching up with earnings, the rapid rise in house prices being caused by the increased ability of people to pay for bigger and better houses. The volatility of house prices raises challenging econometric and economic issues.
- Subjects
UNITED Kingdom; ECONOMETRIC models; HOME prices; MATHEMATICAL models; ECONOMETRICS; ECONOMIC policy
- Publication
Oxford Bulletin of Economics & Statistics, 1996, Vol 58, Issue 4, p601
- ISSN
0305-9049
- Publication type
Article
- DOI
10.1111/j.1468-0084.1996.mp58004002.x