The aim of this paper is to introduce a new model selection mechanism for cross sectional spatial models. This method is more flexible than the approach proposed by Florax et al. (2003) since it controls for spatial dependence as well as for spatial heterogeneity. In particular, Bayesian and...

The aim of this paper is to introduce a new model selection mechanism for cross sectional spatial models. This method is more flexible than the approach proposed by Florax et al. (2003) since it controls for spatial dependence as well as for spatial heterogeneity. In particular, Bayesian and...

The aim of this paper is to introduce a new model selection mechanism for cross sectional spatial models. This method is more fexible than the approach proposed by Florax et al. (2003) since it controls for spatial dependence as well as for spatial heterogeneity. In particular, Bayesian and...

This paper is mainly concerned with the analysis of regional house price cycles. Based on a newly available data set consisting of the 40 largest U.S. Metropolitan Statistical Areas (MSAs), we introduce a wavelet transform based metric to study the housing cycle synchronization across MSAs. We...

Knowledge and technological change are often assumed to be the driving forces for long run economic growth. Regions with a higher level of knowledge compared to other regions exhibit a higher per-capita income on average. Agglomeration effects can lead to a steady increase of income and widen...