Fluctuating fortunes and Hawaiian house prices

Real estate prices in a local market can be driven by an identifiable group of purchasers. In Hawaii, residents of both the U.S. mainland and Japan have been significant purchasers of homes. An analysis suggests that house prices in Hawaii were driven primarily by purchasers from the U.S. mainland for most of the 1975–2008 period. But, during Japan’s “bubble economy” in the late 1980s and immediately thereafter, house prices in Hawaii were driven primarily by demand from Japan.Housing - Prices - Hawaii

Regime shifts in real estate markets: Time-varying effects of the U.S. and Japanese economies on house prices in Hawaii

We show that house prices may be driven entirely by the demands of one identifiable group for several years and then by demands of another group at other times. We present evidence that house prices in Hawaii were subject to such regime shifts. Prices responded to demands associated with American income and wealth for most years from 1975 through 2008. From the middle of the 1980s through the early 1990s, however, house prices responded to Japanese income and wealth. Statistical tests indicate that the regime-shifting model outperformed the constant-coefficient model. The regime shifting model helps explain why and by how much elasticities with respect to income and wealth and volatilities of house prices in Hawaii varied over time.Housing - Prices - Hawaii

Trace expansions for elliptic cone operators with stationary domains

We analyze the behavior of the trace of the resolvent of an elliptic cone differential operator as the spectral parameter tends to infinity. The resolvent splits into two components, one associated with the minimal extension of the operator, and another, of finite rank, depending on the particular choice of domain. We give a full asymptotic expansion of the first component and expand the component of finite rank in the case where the domain is stationary. The results make use, and develop further, our previous investigations on the analytic and geometric structure of the resolvent. The analysis of nonstationary domains, considerably more intricate, is pursued elsewhere.Comment: 27 pages. Minor corrections and change of titl

On the closure of elliptic wedge operators

We prove a semi-Fredholm theorem for the minimal extension of elliptic operators on manifolds with wedge singularities and give, under suitable assumptions, a full asymptotic expansion of the trace of the resolvent.Comment: 22 pages, improved expositio