서울 자치구별 주택가격 간의 장단기 동조화

초록

We estimate the degree of co-movement of housing prices of 25 districts in Seoul. Unlike standard time domain approaches, we employ the frequency-based methods to analyze the correlation by frequency(known as a coherency) and the cohesion, which is the index from coherencies of numerous pairs. Our results show that co-movements of housing prices among districts in Seoul tend to be stronger in the long-run than in the short-run. In particular, four Gangnam districts yield very strong within-group co-movements both in the short-run and in the long-run. Gangnam districts, however, exhibit lower between-group co-movements with remaining non-Gangnam districts, suggesting a possible decoupling tendency between Gangnam and non-Gangnam districts. While co-movement due to geographical proximity is found to be strong particularly in Gangnam districts, such geographical significance is generally found to diminish in the long-run.

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