Pavlidis, Efthymios; Paya, I; Peel, D; Spiru, A M - Department of Economics, Management School - 2009
This paper provides evidence that some aggregate and regional U.S. real house price indices exhibited a bubble in the last few years according to the Phillips et al. (2007) unit root test. We subsequently investigate whether house price acceleration (deceleration) had a signi.cant impact on...