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Uncertainty in the housing market: evidence from US states
2017
Studies in Nonlinear Dynamics & Econometrics
Housing is distinct from other financial assets, since it is a durable consumer good for households. Due to the irreversible nature of housing investment, uncertainty should be an important determinant of housing investment. From a theoretical point of view, though, this impact is ambiguous. This paper extends previous empirical work by employing the techniques of bivariate Generalized Autoregressive Conditional Heteroskedasticity (GARCH) models in a group of forty-eight US states. In
doi:10.1515/snde-2016-0064
fatcat:r6gdtid5bzccfl46u3gqz62wfm