If house prices are convergent at the national level, monetary policy is easier to implement and labor has an easier time achieving mobility across regions. There have accordingly been a number of studies on home price convergence. Some of these previous papers have methodological problems. In...

Previous studies on regional convergence in the US have employed varied methodologies and yielded different conclusions. Some authors report evidence that convergence has grown stronger in recent decades, while others find recent years have seen an end to convergence. We test for convergence...

Cyclical synchronization of home prices has important implications for monetary (and other) policies. Regional house price divergence, even over a business cycle, can inhibit labor mobility and prevent workers from moving to where they could add most to their own wages and overall growth. We...

This paper investigates the extent of regional integration (or, conversely, segmentation) in US home values. In contrast to some previous studies, we examine the degree of integration in the US with a data set which runs into 2012 and thus captures the latest period of bubble and bust, and...