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Structural Breaks and Explosive Behavior in the Long-Run: The Case of Australian Real House Prices, 1870–2020

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Structural Breaks and Explosive Behavior in the Long-Run: The Case of Australian Real House Prices, 1870–2020

dc.contributor.author	Esteve García, Vicente
dc.contributor.author	Prats Albentosa, María A.
dc.date.accessioned	2023-11-13T10:27:28Z
dc.date.available	2023-11-14T05:45:07Z
dc.date.issued	2021	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/91053
dc.description.abstract	In this article, we use tests of explosive behavior in real house prices with annual data for the case of Australia for the period 1870–2020. The main contribution of this paper is the use of very long time series. It is important to use longer span data because it offers more powerful econometric results. To detect episodes of potential explosive behavior in house prices over this long period, we use the recursive unit root tests for explosiveness proposed by Phillips et al. (2011), (2015a,b). According to the results, there is a clear speculative bubble behavior in real house prices between 1997 and 2020, speculative process that has not yet been adjusted.	es_ES
dc.language.iso	en	es_ES
dc.publisher	De Gruyter	es_ES
dc.source	Esteve, Vicente and Prats, Maria A.. "Structural Breaks and Explosive Behavior in the Long-Run: The Case of Australian Real House Prices, 1870–2020" Economics, vol. 15, no. 1, 2021, pp. 72-84.	es_ES
dc.subject	house price	es_ES
dc.subject	explosiveness	es_ES
dc.subject	recursive unit root test	es_ES
dc.subject	multiple structural breaks	es_ES
dc.title	Structural Breaks and Explosive Behavior in the Long-Run: The Case of Australian Real House Prices, 1870–2020	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.1515/econ-2021-0006	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES
dc.type.hasVersion	VoR	es_ES
dc.rights.accessRights	open access	es_ES