This article exploits data on the pattern of violence across regions and over time to estimate the impact of the peace process in Northern Ireland on house prices. After establishing a negative correlation between killings and house prices, we estimate the parameters of a Markov switching model with conflict and peace as latent states. We use the model to estimate the size of the peace dividend as captured in house price changes.
The Pre-print version of the article can be downloaded here. The published article can be downloaded here.
Replication data is available here. The Online Appendix of the article is available here.