Author : Anthony Owusu-Ansah
Publisher : Routledge
Page : 218 pages
File Size : 41,30 MB
Release : 2021-06-30
Category : Housing
ISBN : 9781032095073
Measuring house prices is essential to all economies, but researchers continue to disagree on the best approach to constructing real estate indices. This book argues the need for more accurate house price indices, outlines the methods used to construct indices and discusses the existing house price indices around the globe. It shows how the raw
Author : W. Erwin Diewert
Publisher : Springer
Page : 0 pages
File Size : 21,3 MB
Release : 2020-01-25
Category : Business & Economics
ISBN : 9784431559405
This book answers the question of how exactly property price indexes should be constructed. The formation and collapse of property bubbles has had a profound impact on the economic administration of many nations. The property price bubble that began around the mid-1980s in Japan has been called the 20th century's biggest bubble. In its aftermath, the country faced a period of long-term economic stagnation dubbed the "lost decade." Sweden and the United States have also faced collapses of property bubbles in the 20th and early 21st centuries, respectively. It has been pointed out that the "information gap" that existed between policy-making authorities and the property (including housing) and financial markets was a problem. In 2009, the IMF proposed the creation of a housing price index to the G20 in order to fill this information gap, and the proposal was adopted. Furthermore, in 2011, it was suggested that the next economic crisis would be caused by a bubble in commercial property prices, and it was decided to create a commercial property index as well. This book provides practical examples of how the theory of property price indexes can be applied to the issues of property as a non-homogenous good and a technological and environmental change.
Author : Thomas G. Thibodeau
Publisher : Springer Science & Business Media
Page : 266 pages
File Size : 28,44 MB
Release : 1997-03-31
Category : Business & Economics
ISBN : 9780792398837
This book contains a special issue of the Journal of Real Estate Finance and Economics, comprising thirteen articles on house price measurement. These articles address the various procedures used to compute cross-sectional or temporal house price indices. Specifically, these articles contain research that: (1) evaluates hedonic, repeat sales, or hybrid approaches to constructing house price indices; (2) evaluates alternative sources of data on house prices and corresponding housing characteristics; (3) identifies the most influential land, structural, neighborhood, and proximity determinants of house prices (and associated changes in house prices); (4) provides a methodology for identifying housing market segments; (5) incorporates spatial autocorrelation in house price indices; and (6) provides more accurate estimates of the variance in house prices.
Author : OECD
Publisher : OECD Publishing
Page : 186 pages
File Size : 18,9 MB
Release : 2013-04-22
Category :
ISBN : 9264197184
This Handbook provides, for the first time, comprehensive guidelines for the compilation of Residential Property Price Indexes and explains in depth the methods and best practices used to calculate an RPPI.
Author : Anthony Owusu-Ansah
Publisher : Routledge
Page : 222 pages
File Size : 25,24 MB
Release : 2018-07-11
Category : Business & Economics
ISBN : 1351590995
The importance of house prices to households, real estate developers, banks and policy-makers cannot be overemphasised. House price changes affect consumer spending and business investment patterns, which in turn affect the wider macro economy and the entire business cycle. Measuring and understanding house prices is therefore essential to a functioning economy, but researchers continue to disagree on the best methodological approach for constructing real estate indices. This book argues the need for more accurate house price indices, outlines the various methods used to construct indices and discusses the existing house price indices around the globe. It shows how the raw data of property transactions can be prepared for the purpose of constructing indices, discusses various applications of property price indices and empirically demonstrates how the index numbers can be used to model the supply of new houses and to estimate the price elasticity of supply. Essential reading for economists, real estate professionals and researchers, and policy-makers.
Author : Rob Nijskens
Publisher : Springer
Page : 220 pages
File Size : 43,79 MB
Release : 2019-06-14
Category : Business & Economics
ISBN : 3030116743
This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Author : Mick Silver
Publisher : International Monetary Fund
Page : 36 pages
File Size : 20,69 MB
Release : 2012-05-01
Category : Business & Economics
ISBN : 1475593643
A key element in the build-up to the global recession and subsequently was the movement in house price indexes (HPIs). These indexes are particularly prone to methodological and coverage differences which can undermine both within-country and cross-country economic analysis. The paper outlines key measurement issues and reports on empirical work using an international panel data set that (i) considers whether differences in HPI measurement matter and, if so, in what way, and (ii) revisits the measurement of global house price inflation and the modeling of the determinants of house price inflation using HPIs corrected for differences in measurement practice.
Author : Mick Silver
Publisher : International Monetary Fund
Page : 89 pages
File Size : 17,19 MB
Release : 2016-11-16
Category : Business & Economics
ISBN : 1475555296
Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i) is weighted at a basic level; (ii) has a new (quasi-) superlative form and thus mitigates substitution bias; (iii) is suitable for sparse data in thin markets; and (iv) only requires the periodic estimation of hedonic regressions for reference periods and is not subject to the vagrancies of misspecification and estimation issues.
Author : International Labour Office
Publisher : International Labour Organization
Page : 578 pages
File Size : 47,43 MB
Release : 2004-08-25
Category : Business & Economics
ISBN : 9789221136996
The consumer price index (CPI) measures the rate at which prices of consumer goods and services change over time. It is used as a key indicator of economic performance, as well as in the setting of monetary and socio-economic policy such as indexation of wages and social security benefits, purchasing power parities and inflation measures. This manual contains methodological guidelines for statistical offices and other agencies responsible for constructing and calculating CPIs, and also examines underlying economic and statistical concepts involved. Topics covered include: expenditure weights, sampling, price collection, quality adjustment, sampling, price indices calculations, errors and bias, organisation and management, dissemination, index number theory, durables and user costs.
Author : Ambrogio Cesa-Bianchi
Publisher : International Monetary Fund
Page : 43 pages
File Size : 30,55 MB
Release : 2015-01-29
Category : Business & Economics
ISBN : 1484346033
In this paper we first compare house price cycles in advanced and emerging economies using a new quarterly house price data set covering the period 1990-2012. We find that house prices in emerging economies grow faster, are more volatile, less persistent and less synchronized across countries than in advanced economies. We also find that they correlate with capital flows more closely than in advanced economies. We then condition the analysis on an exogenous change to a particular component of capital flows. We find that a global liquidity shock, identified by aggregating bank-to-bank cross border flows and by using the external instrumental variable approach of Stock and Watson (2012) and Mertens and Ravn (2013), has a much stronger impact on house prices and consumption in emerging markets than in advanced economies. In our empirical model, holding house prices or the exchange rate constant in response to this shock tends to dampen its effects on consumption in emerging economies.
