Equilibrium Land Prices of Japanese Prefectures: A Panel Cointegration Analysis

Based on newly constructed prefectural land price data, we estimate long-run equilibrium relationships using a panel cointegration analysis, and then estimate an error-correction model (ECM) for land prices. The panel cointegration analysis reveals that the PVR cum price expectation can be regarded as a long-run equilib- rium relationship. The ECM nds th..