William Miles
Bill Miles is a professor of Economics at Wichita State University. His research interests are in International Macroeconomics, Housing and Development Economics.
Collections in this community
Recent Submissions
-
The home price-income relationship for US states
(Routledge, 2023-05-07)There are conflicting theories on whether house prices and income should share a long-run relationship. Empirical work on the topic has yielded mixed results. Most previous studies have investigated whether the house ... -
Housing and the changing impact of monetary policy
(Elsevier Ltd, 2023-07-01)Housing is the leading indicator of the business cycle. The impact of monetary policy on housing has thus unsurprisingly been the subject of numerous studies. Some have also investigated whether the impact of monetary ... -
Regional house price co-movement in the USA: the medium cycle is not the business cycle
(Springer Nature, 2022-08-02)Co-movement in different regional housing markets has implications for portfolio management, as well as the effectiveness of monetary and other policies. Such co-movement has thus been the subject of several previous ... -
Scottish home prices: Compatible with Euro membership?
(Universita Carlo Cattaneo, 2021)Although the Scottish electorate voted down independence in 2014, Brexit has led to renewed calls from Scottish political leaders for a second referendum. Scottish independence would likely lead to joining the European ... -
The dynamics of house prices and income in the UK
(Global Social Science Institute, 2020)Asset prices and fundamentals can move apart, as is the case during bubble episodes. However, they should exhibit a stable relationship in the long run. For UK housing, previous studies have investigated whether house ... -
Convergence in the Eurozone: Progress Towards the Goal?
(Wiley-Blackwell, 2020-09-23)Convergence in per capita income across member countries is a stated goal of the European Union. This goal applies, of course, to all eurozone nations. The impact of a common currency on income convergence is both theoretically ... -
House price convergence in the euro zone: a pairwise approach
(Elsevier, 2020-07-29)The adoption of the euro common currency was expected to lead to convergence for a number of economic and financial variables across national borders, including house prices. We apply a probabilistic pairwise approach to ... -
Regional convergence and structural change in US housing markets
(Routledge, 2019-10-24)If house prices are convergent at the national level, monetary policy is easier to implement, and labour has an easier time achieving mobility across regions. Accordingly there have been several studies on home price ... -
Home prices and fundamentals: solving the mystery for the G-7 by accounting for nonlinearities
(Emerald Publishing Limited, 2019-07-08)Purpose: The purpose of this study is to determine whether house prices and income share a stable, stationary relationship in the G-7 countries. This stable relationship has been clearly implied by theory but has been ... -
Has the euro sustainably increased home price co-movement?
(John Wiley and Sons, 2019-02-22)A low level of co‐movement between different euro country housing markets creates difficulties for the ECB in setting monetary policy. Such co‐movement across eurozone countries has been the subject of a number of studies, ... -
Did the euro common currency increase or decrease business cycle synchronization for its member countries?
(John Wiley and Sons, 2018-07)We use two variants of Markov switching models to assess changes in output synchronization since the creation of the euro. Out of eight eurozone countries investigated, only onethe Netherlandshas synchronization increased ... -
Has there actually been a sustained increase in the synchronization of house price (and business) cycles across countries?
(Elsevier B.V., 2017-06)Housing has been demonstrated to affect the macroeconomy, particularly business cycle fluctuations. Given the more globalized nature of financial and economic activity in comparison to past decades, there has been much ... -
Contagion versus interdependence across regional U.S. housing markets and implications for RMBS geographic diversification strategy
(American Real Estate Society, 2015)Home prices in the United States often exhibit little (and sometimes even negative) correlation across different regions. This reflects segmentation in the national housing market and also provides an apparent opportunity ... -
The Role of non-bank financial intermediaries in propagating Korea's financial crisis
(World Scientific Publishing, 2003-03)The Korean crisis has been analyzed for the causal role banks played through the "credit view". Non-bank lenders have grown more important than banks in providing loans, but their role in creating financial instability has ... -
Volatility transmission in U.K. housing: a multivariate GARCH approach
(American Real Estate Society, 2010)Despite its importance for gauging the probability of large losses and portfolio management, there has not been an investigation of how GARCH conditional volatility is transmitted between regions in the United Kingdom. ... -
The Housing bubble: how much blame does the Fed really deserve?
(American Real Estate Society, 2014)Two recent empirical papers have blamed the Fed for the latest boom and bust in housing. Neither study includes long-term interest rates, which are more affected by global factors than the federal funds rate (FFR). In this ... -
Bubbles, busts, breaks, and segmentation
(American Real Estate Society, 2013)Given the recent turmoil in the housing market in the United States, several papers have examined whether price dynamics in municipalities displayed a structural change, which would suggest bubble and bust behavior. Some ... -
The Barings crisis in Argentina: the role of exogenous European money market factors
(Taylor & Francis, 2002-01)The Barings crisis of 1890 was a wrenching financial crash and recession for Argentina. The episode is similar in many respects to the balance of payments difficulties in emerging markets during the 1990s. In particular, ... -
The end of the Asian myth: why were the experts fooled?
(Elsevier, 1999-10)This article examines the reasons behind the overoptimism of a large segment of the economics profession concerning the performance of East Asian economies, which was shattered by the financial crises of 1997-1998. It also ... -
Clustering in U.K. home price volatility
(American Real Estate Society, 2011)In the wake of the 2007-2009 global financial crisis, there has been heightened interest in correctly gauging the probability of large losses on assets, particularly house prices. If an asset exhibits GARCH effects in its ...
RSS 1.0