全球智库信息集成服务系统(G2TT): Estimating the Rental Adjustment Process

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w7912
来源ID	Working Paper 7912
	Estimating the Rental Adjustment Process
	Patric H. Hendershott; Bryan D. MacGregor; Raymond Y.C. Tse
发表日期	2000-09-01
出版年	2000
语种	英语
摘要	Rental adjustment equations have been estimated for a quarter century. In the U.S., models have used the deviation of the actual vacancy rate from the natural rate as the main explanatory variable, while in the UK, drivers of the demand for space have dominated the estimation. The recent papers of Hendershott (1996) and Hendershott, Lizieri and Matysiak (HLM, 1999) fall into the former category. We re-estimate these equations using alternative formulations but can do little to improve them overall. However, we identify econometric concerns with the specifications. We then derive a model incorporating both supply and demand factors within an Error Correction framework, and show how the U.S. and UK traditions are special cases of this more general formulation. We next estimate this equation using data from the City of London office market. Our initial specification of this more generalized model is greatly superior to the vacancy rate model. Finally, we estimate a two-equation variant with a separate vacancy rate equation; this model also performs much better than that of HLM. Importantly, our model passes standard modern econometric requirements for unit roots and co-integration. We find little evidence of special or temporal variation in natural vacancy rates.
主题	Regional and Urban Economics ; Real Estate
URL	https://www.nber.org/papers/w7912
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/565497
推荐引用方式 GB/T 7714	Patric H. Hendershott,Bryan D. MacGregor,Raymond Y.C. Tse. Estimating the Rental Adjustment Process. 2000.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w7912.pdf（170KB）	智库出版物		限制开放	CC BY-NC-SA	浏览