Table 3 Lagged effect of aggregate online interest on liquidity
From: Home is where the ad is: online interest proxies housing demand
Dependent variable: | ||||
|---|---|---|---|---|
\(\mathit {LOGLIQUIDITY}_{t}\) | ||||
OMI micro-zone | City | |||
(1) | (2) | (3) | (4) | |
\(\mathit {LOGLIQUIDITY}_{t-1}\) | 0.230∗∗∗ | 0.230∗∗∗ | 0.488∗∗∗ | 0.384∗∗∗ |
(0.019) | (0.019) | (0.043) | (0.047) | |
\(\mathit {LOGCLICKS}_{t-1}\) | 0.060 | −0.088 | ||
(0.037) | (0.076) | |||
\(\mathit {LOGCLICKS}_{t-2}\) | 0.146∗∗∗ | 0.194∗∗ | ||
(0.037) | (0.078) | |||
\(\mathit {LOGCONTACTS}_{t-1}\) | 0.075∗∗∗ | 0.039 | ||
(0.019) | (0.059) | |||
\(\mathit {LOGCONTACTS}_{t-2}\) | 0.037∗ | 0.184∗∗∗ | ||
(0.019) | (0.062) | |||
DEGREE | −0.574∗∗∗ | −0.483∗∗∗ | 0.332 | −0.374 |
(0.114) | (0.111) | (0.533) | (0.531) | |
UNEMPLOYED | 0.752 | 0.861 | 1.969∗ | 1.547 |
(0.647) | (0.647) | (1.151) | (1.109) | |
OWNEDHOUSES | −0.116 | −0.093 | −0.778∗ | −0.392 |
(0.095) | (0.095) | (0.437) | (0.423) | |
FOREIGN | −0.214 | −0.314∗∗ | 0.964 | −0.188 |
(0.133) | (0.133) | (0.688) | (0.652) | |
Constant | −2.400∗∗∗ | −1.013∗∗∗ | −1.526∗∗∗ | −0.859∗∗ |
(0.208) | (0.135) | (0.576) | (0.350) | |
Fixed effects | City + quarter | City + quarter | Quarter | Quarter |
Observations | 2977 | 2977 | 423 | 420 |
Adjusted R-squared | 0.372 | 0.370 | 0.350 | 0.359 |
AIC | 1243 | 1249 | 336 | 301 |