How To Better Measure Hedonic Residential Property Price Indexes
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How To Better Measure Hedonic Residential Property Price Indexes
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Author : Mick Silver
language : en
Publisher: International Monetary Fund
Release Date : 2016-11-16
How To Better Measure Hedonic Residential Property Price Indexes 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 2016-11-16 with Business & Economics categories.
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.
How To Better Measure Hedonic Residential Property Price Indexes
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Author : Mick Silver
language : en
Publisher: International Monetary Fund
Release Date : 2016-11-08
How To Better Measure Hedonic Residential Property Price Indexes 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 2016-11-08 with Business & Economics categories.
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.
Handbook On Residential Property Price Indices
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2013-04-22
Handbook On Residential Property Price Indices written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-22 with categories.
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.
Property Price Index
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Author : W. Erwin Diewert
language : en
Publisher: Springer
Release Date : 2020-01-25
Property Price Index written by W. Erwin Diewert and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-01-25 with Business & Economics categories.
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.
The Application Of Hedonic Methods In Quality Adjusted Price Indices
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Author : Anna Król
language : en
Publisher: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Release Date : 2020-06-01
The Application Of Hedonic Methods In Quality Adjusted Price Indices written by Anna Król and has been published by Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-01 with Business & Economics categories.
The measurement of price dynamics is by no means new endeavourin the official statistics but the process of establishing accurate price changes in time still remains challenging in many areas. One such demanding field is the application of appropriate techniques in price index development for providing amendments reflecting quality differences which might occur in the compared commodities. The book presents results of research on the applicability of hedonic methods in adjusting price indices to changes in the goods quality and test the techniques used for hedonic price indices construction using the data sets for various groups of heterogeneous goods, including used automobiles, appartments, household appliances and ICT goods.
Commercial Property Price Indexes Problems Of Sparse Data Spatial Spillovers And Weighting
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Author : Mick Silver
language : en
Publisher: International Monetary Fund
Release Date : 2014-05-01
Commercial Property Price Indexes Problems Of Sparse Data Spatial Spillovers And Weighting 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 2014-05-01 with Business & Economics categories.
Transaction-price residential (house) and commercial property price indexes (RPPIs and CPPIs) have inherent problems of sparse data on heterogeneous properties, more so CPPIs. In an attempt to control for heterogeneity, (repeat-sales and hedonic) panel data regression frameworks are typically used for estimating overall price change. We address the problem of sparse data, demonstrate the need to include spatial price spillovers to remove bias, and propose an innovative approach to effectively weight regional CPPIs along with improvements to higher-level weighting systems. The study uses spatial panel regressions on granular CPPIs for the United States (US).
House Price Indices
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Author : Thomas G. Thibodeau
language : en
Publisher: Springer Science & Business Media
Release Date : 1997-03-31
House Price Indices written by Thomas G. Thibodeau and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-03-31 with Business & Economics categories.
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.
Imf Research Bulletin December 2016
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-12-30
Imf Research Bulletin December 2016 written by International Monetary Fund. Research Dept. 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 2016-12-30 with Business & Economics categories.
The Research Summaries in this issue of the IMF Research Bulletin cover “Tax Capacity and Growth” (by Vitor Gaspar, Laura Jaramillo, and Philippe Wingender), and “U.S. Shale Revolution and Its Spillover Effects on the Global Economy” (Ravi Balakrishnan, Keiko Honjo, Akito Matsumoto, and Andrea Pescatori). The Q&A coauthored by Amadou Sy and Mariama Sow covers “Seven Questions about the Relationship between Country Finance and Governance.” A listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from IMF Publications is included in the IMF Research Bulletin. Readers can also find news on free-to-view articles from IMF Economic Review and a call for conference papers in this issue of the Bulletin.
Index Number Theory And Price Statistics
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Author : Peter M von der Lippe
language : en
Publisher: Walter de Gruyter GmbH & Co KG
Release Date : 2016-11-21
Index Number Theory And Price Statistics written by Peter M von der Lippe and has been published by Walter de Gruyter GmbH & Co KG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-21 with Business & Economics categories.
Construction And Application Of Property Price Indices
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Author : Anthony Owusu-Ansah
language : en
Publisher: Routledge
Release Date : 2018-07-11
Construction And Application Of Property Price Indices written by Anthony Owusu-Ansah and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-11 with Business & Economics categories.
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.