In this paper, I propose an instrumental variable (IV) estimation procedure to estimate global VAR (GVAR) models and show that it leads to consistent and asymptotically normal estimates of the parameters. I also provide computationally simple conditions that guarantee that the GVAR model is stable.

We study dynamic panel data models where the long run outcome for a particular cross-section is affected by a weighted average of the outcomes in the other cross-sections. We show that imposing such a structure implies several cointegrating relationships that are nonlinear in the coefficients to...

This paper studies the spatial random effects and spatial fixed effects model. The model includes a Cliff and Ord type spatial lag of the dependent variable as well as a spatially lagged one-way error component structure, accounting for both heterogeneity and spatial correlation across units. We...

Purpose – Building performance does not only depend on its efficiency but also on the behaviors of its occupants. Occupant behaviors can more than offset technological efficiency gains so that corporate real estate (CRE) managers have to go beyond sustainable buildings. CRE managers need to...

This thesis considers a dynamic panel data model with error components that are correlated both spatially (cross-sectionally) and time-wise. The model extends the literature on dynamic panel data models with cross-sectionally independent error components. The model for spatial dependence is a...

Obwohl immer mehr Geld in den Immobilienmarkt fließt, steigt die Wohnungsnot in Ballungsräumen. Vor allem wächst die Diskrepanz zwischen dem Angebot an und der Nachfrage nach »bezahlbarem« Wohnraum. In den Großstädten und hochpreisigen Regionen konzentriert sich die Bautätigkeit in...

Purpose: Building performance does not only depend on its efficiency but also on the behaviors of its occupants. Occupant behaviors can more than offset technological efficiency gains so, that corporate real estate (CRE) managers have to go beyond sustainable buildings. CRE managers need to...

This paper examines the impact of economic conditions and local attitudes on investors’ decisions to opt for a green building certificate. The study is based on property locations in 211 counties and uses a fixed-effects estimator for a panel data set of 10,624 office buildings over 10...

<b> </b> This paper studies the random effects model and the fixed effects model for spatial panel data. The model includes a Cliff and Ord type spatial lag of the dependent variable as well as a spatially lagged one‐way error component structure, accounting for both heterogeneity and spatial...