Pool Mean Group Estimation for House prices (PMG)

[Daveoves]

Hi all, (newbie here) Using Eviews 9 student version

I am an economics undergrad. Working on my dissertation. I only had a couple months thought on Eviews. So I am not even sure if I am doing the right thing here. But I really want to do this because no one had done it before and it would be cool.

I am trying to investigate the impact of a tidal barrage on surrounding house prices, the barrage being built at the Severn Estuary in the UK, and when finding the coefficient for unemployment I could estimate the change in house prices for a given job increase scenario.

It was really challenging finding county specific data but managed to get 4 variables.

I have collected a panel data for 8 counties surrounding the Severn estuary between 1995-2013. Data: Median House Prices for all dwelling types (price), Total Sales count (sales), Population (pop), and Unemployment (unemp).

I ran a PMG estimation

Code: Select all

log(price) log(sales) log(pop) log(unemp)

. but not sure what to do next.

It has been mentioned that I should find out if my variables are stationary or not first, and then use differences for estimation? ?unit root testing?
Should I include UK-specific data like GDP and others? any tips? If so how?GDP

Could anyone help me?

Data and eviews file attached

research 3.wf1

(23.47 KiB) Downloaded 308 times

PS: I also have median house price data for other dwelling types if needed.