Date of Award
2011
Document Type
Thesis
Degree Name
M.A. in Economics
First Advisor
Walter J. Mayer
Second Advisor
Ali Gungorayadinoglu
Third Advisor
Nilufer Ozdemir
Relational Format
dissertation/thesis
Abstract
This study evaluates the existence of asset bubbles in Florida metropolitan statistical areas during 2000–2010. Estimation occurs in two stages with the first being the estimated fundamental price of housing using a fixed effects estimator. Once the fundamental price of housing is determined an error correction model of housing prices is estimated to evaluate the degrees of serial correlation and mean reversion existing in the sampled geographic areas. Serial correlation and mean reversion are then interacted with the hypothesized effects of information costs, supply costs, and expectations of future price behavior to uncover variation in the dynamic response of housing. The results suggest that fluctuations in home sale transactions volume, construction costs, and expectations of future price behavior interact with market dynamics.
Recommended Citation
Hill, Andrew Pate, "Variation in the Dynamic Response of Housing Markets" (2011). Electronic Theses and Dissertations. 133.
https://egrove.olemiss.edu/etd/133