Dear colleagues, The Department of Economics cordially invites you to the WU Economic Research Seminar on Wednesday, January 12th, with Hans Manner (University of Graz) on "Spillover in the UK Housing Market" Abstract: We study spillovers between regional housing markets in the UK in the period 1973 to 2020. The analysis is based on a vector autoregressive model that allows for structural breaks in its parameters at unknown times. In particular, we allow for distinct breakpoints in the conditional mean, variance and correlation parameters, which enables us to distinguish different spillover channels. Based on the resulting piecewise constant model we compute the spillover index by Diebold and Yilmaz. We find significant time variation of the spillover index that indicates a decreasing role of London for the rest of the country, but that also indicates reduced contagion risk and the existence of the North-South divide that declined later in the sample. Furthermore, a central role of the Midlands is demonstrated. Date: Wednesday, January 12th Time: 4.30 to 6 pm (CET) Location: building D4, ground floor, room D4.0.039 The following COVID-19-related regulations apply to all events at the WU campus need to be fulfilled for attending the research seminar: 2.5G proof and controls * You should only attend classroom units if you are not ill. * To participate in presence units, you have to show a 2.5G certificate (PCR-Tested, Vaccinated, Convalescent) upon request. You can find details regarding certificates and their validity here<https://learn.wu.ac.at/open/distanzlehre/3gproof> * Please arrive on campus at least 30-45 minutes before the start of the course. To ensure that the checks can be carried out as quickly and smoothly as possible, please always bring your certificate with you on paper and have your photo ID ready as well. If necessary, please also follow the on-site guiding system. * Checks may take place in front of the building or at the beginning of the course and will be carried out by WU staff and WU security personnel. Compulsory attendance, WU check-in and contact tracing * Please use the WU check-in (checkin.wu.ac.a<http://checkin.wu.ac.a>t) at the beginning of each course unit and during exams and enter your seat number. You can find the number right on the coloured spot on the desk. Registering your attendance and documenting your seat number are the basis for (official) contact tracing; providing incorrect information can have unpleasant consequences (quarantine) for you. * In any case, please comply with the attendance regulations for the course, which were communicated in advance in the eVVZ. In case you do not fulfil the attendance obligation without a provable important reason for your absence(s) (i.e. events that you cannot directly influence), you cannot be assessed positively. With best regards, Harald Oberhofer --- Univ.-Prof. Dr. Harald Oberhofer Department of Economics WU Vienna University of Economics and Business Phone: +43/1/31336-4984 Fax: +43/1/31336-4984 Email: harald.oberhofer@wu.ac.at<mailto:harald.oberhofer@wu.ac.at> Webpage: https://www.wu.ac.at/ie/mitarbeiter/harald-oberhofer/ Austrian Institute of Economic Research (WIFO) Phone: +43/1/7982601-468 Fax: +43/1/7989386 Email: harald.oberhofer@wifo.ac.at<mailto:harald.oberhofer@wifo.ac.at> Webpage: http://www.wifo.ac.at/harald_oberhofer