House Prices And Inflation
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The Inflation Of House Prices Its Extent Causes And Consequences
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Author : Leo Grebler
language : en
Publisher: Free Press
Release Date : 1979
The Inflation Of House Prices Its Extent Causes And Consequences written by Leo Grebler and has been published by Free Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Business & Economics categories.
House Prices And Inflation
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Author : John A. Tuccillo
language : en
Publisher:
Release Date : 1981
House Prices And Inflation written by John A. Tuccillo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Business & Economics categories.
House Prices And Inflation
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Author : Ali Anari
language : en
Publisher:
Release Date : 2011
House Prices And Inflation written by Ali Anari and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
The present paper examines the long-run impact of inflation on homeowner equity by investigating the relationship between house prices and the prices of nonhousing goods and services, rather than return series and inflation rates as in previous empirical studies on the inflation hedging ability of real estate. There are two reasons for this methodological departure from prior practice:(1) while the total return on housing cannot be accurately measured, the total return on housing is fully reflected in housing prices, and (2) given that using returns or differencing a time series lead to a loss of long-run information contained in the series, valuable long-run information can be captured by using prices. Also, unlike previous related studies, we exclude housing costs from goods and services prices to avoid potential bias in estimating how inflation affects housing prices. Monthly data series are collected for existing and for new house prices as well as the consumer price index excluding housing costs for the period 1968-2000. Based on both autoregressive distributed lag (ARDL) models and recursive regressions, the empirical results yield estimated Fisher coefficients that are consistently greater than one over the sample period. Thus, we infer that house prices are a stable inflation hedge in the long-run.
The Role Of House Prices In Regional Inflation Disparities
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Author : Dinah Maclean
language : en
Publisher:
Release Date : 1994
The Role Of House Prices In Regional Inflation Disparities written by Dinah Maclean and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Banks and banking categories.
This paper explores in some detail regional disparities in the price of housing. It explores the theoretical reasons why rates of house price inflation are more likely to vary across regions than those of more tradable goods and services. It provides an overview of regional house price inflation disparities in relation to disparities in the general inflation rate. It also considers the role of regional demand shocks. Finally it ascertains the extent to which regional house prices are influenced by both local and national factors.
House Prices And The Macroeconomy
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Author : Charles Goodhart
language : en
Publisher: Oxford University Press
Release Date : 2007
House Prices And The Macroeconomy written by Charles Goodhart and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
House price bubbles, and their aftermath, have become a focus of macro-economic policy concern in most developed countries. This book elucidates the two-way relationship between house-price fluctuations and economic fundamentals. Housing has many features which make it distinct from other assets, like equity. Real estate is not only an asset but also a durable consumption good for households, providing shelter and other housing services. As a result, a house is often the largest and most important asset of households and therefore accounts for a major share of household wealth. Similarly a large share of bank assets is tied to housing values. House price fluctuations may, therefore, have a major effect on economic activity and the soundness of the financial system. Following an introductory chapter, the book is structured into three parts. The first demonstrates the importance of house prices as determinants or indicators of inflation and economic activity. The second focuses on the inter-relationships between bank credit extension and housing prices, and how bubbles can lead to financial crises. The third discusses resultant public policy issues, such as whether, and how, to include housing prices in a general inflation index, and how to restrain the housing/bank credit cycle.
Real Estate Price Inflation Monetary Policy And Expectations In The United States And Japan
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Author : Mr.Garry J. Schinasi
language : en
Publisher: International Monetary Fund
Release Date : 1994-01-01
Real Estate Price Inflation Monetary Policy And Expectations In The United States And Japan written by Mr.Garry J. Schinasi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-01-01 with Business & Economics categories.
During the mid- to late 1980s, inflationary pressures were highly concentrated in asset markets in many industrial countries. This paper discusses why this may have occurred and then develops a forward-looking supply and demand model of the real estate market in which equilibrium prices depend on price expectations, monetary conditions, income, returns to alternative assets, and construction costs. In this model, the current equilibrium price is determined by expectations formed in different time periods by consumers and producers. The model and its more generalized dynamic specifications are estimated by maximum-likelihood methods. The empirical results do not reject the view that the relationship between real estate values and monetary policy was altered in 1980s.
Housing Boom And Headline Inflation Insights From Machine Learning
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Author : Yang Liu
language : en
Publisher: International Monetary Fund
Release Date : 2022-07-28
Housing Boom And Headline Inflation Insights From Machine Learning written by Yang Liu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-28 with Business & Economics categories.
Inflation has been rising during the pandemic against supply chain disruptions and a multi-year boom in global owner-occupied house prices. We present some stylized facts pointing to house prices as a leading indicator of headline inflation in the U.S. and eight other major economies with fast-rising house prices. We then apply machine learning methods to forecast inflation in two housing components (rent and owner-occupied housing cost) of the headline inflation and draw tentative inferences about inflationary impact. Our results suggest that for most of these countries, the housing components could have a relatively large and sustained contribution to headline inflation, as inflation is just starting to reflect the higher house prices. Methodologically, for the vast majority of countries we analyze, machine-learning models outperform the VAR model, suggesting some potential value for incorporating such models into inflation forecasting.
Why House Price Indexes Differ
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Author : Mick Silver
language : en
Publisher: International Monetary Fund
Release Date : 2012-05-01
Why House Price Indexes Differ written by Mick Silver and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-01 with Business & Economics categories.
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.
House Prices And Inflation In The Euro Area
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Author : Boris Cournède
language : en
Publisher:
Release Date : 2005
House Prices And Inflation In The Euro Area written by Boris Cournède and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Dwellings categories.
Impact Of Inflation On House Prices
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Author : Canadian Housing Information Centre
language : en
Publisher:
Release Date : 1982
Impact Of Inflation On House Prices written by Canadian Housing Information Centre and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with categories.