| Nationwide | Hokkaido | Tohoku | Kanto | Tokai | Hokuriku | |||||||
| lnrealincome | 0.002 | 0.202 | ** | 0.165 | −0.003 | 0.069 | −0.041 | |||||
| (0.049) | (0.079) | (0.204) | (0.077) | (0.114) | (0.162) | |||||||
| lnprice | −1.742 | *** | −1.184 | *** | −1.351 | *** | −2.527 | *** | −1.630 | *** | −1.924 | *** |
| (0.063) | (0.137) | (0.274) | (0.090) | (0.129) | (0.188) | |||||||
| lag | 0.389 | *** | 0.570 | *** | 0.598 | *** | 0.198 | *** | 0.595 | *** | 0.396 | *** |
| (0.011) | (0.040) | (0.035) | (0.014) | (0.038) | (0.060) | |||||||
| const. | 16.005 | *** | 8.276 | *** | 9.485 | *** | 22.548 | *** | 12.513 | *** | 17.665 | *** |
| (0.633) | (1.207) | (2.105) | (1.077) | (1.759) | (2.325) | |||||||
| Within R-sq. | 0.386 | 0.520 | 0.376 | 0.525 | 0.643 | 0.720 | ||||||
| Between R-sq. | 0.992 | 0.906 | 0.974 | 0.991 | 0.982 | 0.991 | ||||||
| Overall R-sq. | 0.959 | 0.892 | 0.952 | 0.885 | 0.963 | 0.941 | ||||||
| F-value | 1086.520 | *** | 192.540 | *** | 132.470 | *** | 492.540 | *** | 286.910 | *** | 128.620 | *** |
| Hausman test | 1984.610 | *** | 109.600 | *** | 95.140 | *** | 1098.880 | *** | 93.350 | *** | 66.290 | *** |
| Fixed effect | Fixed effect | Fixed effect | Fixed effect | Fixed effect | Fixed effect | |||||||
| F-test | ||||||||||||
| H0: lnprice = −1.742 | 16.47 | *** | 2.05 | 76.46 | *** | 0.75 | 0.94 | |||||
| H0: lag = 0.389 | 20.35 | *** | 35.57 | *** | 188.83 | *** | 28.66 | *** | 0.01 | |||
| Kinki | Chugoku | Shikoku | Kyushu/Okinawa | Fukuoka | ||||||||
| lnrealincome | −0.259 | −0.372 | ** | −0.326 | + | 0.121 | −0.721 | *** | ||||
| (0.227) | (0.188) | (0.215) | (0.135) | (0.191) | ||||||||
| lnprice | −1.846 | *** | −1.088 | *** | −0.740 | ** | −1.270 | *** | −0.874 | *** | ||
| (0.298) | (0.232) | (0.297) | (0.197) | (0.207) | ||||||||
| lag | 0.413 | *** | 0.498 | *** | 0.625 | *** | 0.443 | *** | 0.590 | *** | ||
| (0.046) | (0.048) | (0.064) | (0.039) | (0.052) | ||||||||
| const. | 20.054 | *** | 16.259 | *** | 12.351 | *** | 11.000 | *** | 19.189 | *** | ||
| (3.030) | (2.250) | (2.633) | (1.703) | (2.473) | ||||||||
| Within R-sq. | 0.295 | 0.454 | 0.430 | 0.318 | 0.477 | |||||||
| Between R-sq. | 0.879 | 0.670 | 0.895 | 0.957 | 0.355 | |||||||
| Overall R-sq. | 0.848 | 0.644 | 0.881 | 0.927 | 0.358 | |||||||
| F-value | 82.540 | *** | 88.270 | *** | 70.060 | *** | 79.880 | *** | 68.080 | *** | ||
| Hausman test | 136.880 | *** | 91.480 | *** | 40.090 | *** | 159.390 | *** | 68.080 | |||
| Fixed effect | Fixed effect | Fixed effect | Fixed effect | Fixed effect | ||||||||
| F-test | ||||||||||||
| H0: lnprice = −1.742 | 0.12 | 7.96 | *** | 11.41 | *** | 5.77 | ** | 17.64 | *** | |||
| H0: lag = 0.389 | 0.27 | 50.4 | ** | 13.74 | *** | 1.94 | 14.82 | *** | ||||