Measuring Housing Services Inflation
DOWNLOAD
Download Measuring Housing Services Inflation PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Measuring Housing Services Inflation book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Measuring Housing Services Inflation
DOWNLOAD
Author : Theodore M. Crone
language : en
Publisher:
Release Date : 1999
Measuring Housing Services Inflation written by Theodore M. Crone and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Measuring Housing Services Inflation
DOWNLOAD
Author : Theodore M. Crone
language : en
Publisher:
Release Date : 1998
Measuring Housing Services Inflation written by Theodore M. Crone and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Housing categories.
Proposes a hedonic methodology for consistently measuring inflation in housing services, the largest component in the U.S. Consumer Price Index (CPI).
Measuring Housing Service Inflation
DOWNLOAD
Author :
language : en
Publisher:
Release Date :
Measuring Housing Service Inflation written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The Federal Reserve Bank of Philadelphia presents the full text of the February 14, 2000 working paper entitled "Measuring Housing Service Inflation," written by Theodore M. Crone, Leonard I. Nakamura, and Richard Voith. The text is available in PDF format. This paper examines the accuracy of statistics of the Bureau of Labor for measuring rents for owner-occupied housing. The authors find an approach that calculates capitalization rates.
Housing Services Price Inflation
DOWNLOAD
Author : Marianna Kudlyak
language : en
Publisher:
Release Date : 2018
Housing Services Price Inflation written by Marianna Kudlyak and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
We provide an explanation of how inflation of the price of housing services is measured by the Bureau of Labor Statistics and describe alternative approaches. We then describe the contribution of inflation of the price of housing services to inflation in the consumer price index during the Great Recession and its aftermath. Finally, we examine new data series that provide additional information about the rental market for housing services and use this information to evaluate the direction of the pressure on housing services price inflation.
House Prices And Inflation
DOWNLOAD
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.
Accounting For Housing In A Cpi
DOWNLOAD
Author : W. Erwin Diewert
language : en
Publisher:
Release Date : 2009
Accounting For Housing In A Cpi written by W. Erwin Diewert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Consumer price indexes categories.
In this paper, we take stock of how statistical agencies in different nations are currently accounting for housing in their consumer price indexes (CPIs). The rental equivalence and user cost approaches have been favourites of economists. Both can be derived from the fundamental equation of capital theory. Concerns about these approaches are taken up. We go on to argue that an opportunity cost approach is the correct theoretical framework for accounting for owner-occupied housing (OOH) in a CPI. This approach, first mentioned in a 2006 OECD paper by Diewert, is developed more fully here. We explore the relationship of this new approach to the usual rental equivalency and user cost approaches. The new approach leads to an owner-occupied housing opportunity cost (OOHOC) index that is a weighted average of the rental and the financial opportunity costs. We call attention to the need for more direct measures of inflation for owner-occupied housing services. In a 2007 paper, Mishkin argues that central banks with supervisory authority can reduce the likelihood of bubbles forming through prudential supervision of the financial system. However, the official mandates of central banks typically focus on managing measured inflation. Barack Obama has pledged to give the Federal Reserve greater oversight of a broader array of financial institutions. We believe that an important addition to this pledge should be to give the BLS, BEA, and Census Bureau the funds and the mandate to aggressively develop improved measures of inflation for owner-occupied housing services. Central banks and national governments have many policy instruments at their disposal that they could use, in the future, to control inflation in housing markets. What they lack are appropriate measures of inflation in the market for owner-occupied housing services. The proposed new opportunity cost measure for accounting for OOH in a CPI will not be simple or cheap to implement. However, the current financial crisis makes it clear that the costs of not having an adequate measure for inflation in the cost of owner-occupied housing services can be far greater.
Some Thoughts On The Housing Component Of The Consumer Price Index
DOWNLOAD
Author : Reuben Gronau
language : en
Publisher:
Release Date : 2019
Some Thoughts On The Housing Component Of The Consumer Price Index written by Reuben Gronau and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The past two decades were a turnaround as far as inflation concerned. For the first time in Israel's history, it enjoyed “price stability”. In 2003, the government set the inflation target at its current level of 1-3 percent, and though the inflation rate stayed within this range in only five of the next fourteen years, the average annual inflation rate since then was well within the target (1.2 percent). The combination of the modest pace and the small number of “hits” reflects the considerable volatility of price changes of the consumption basket. No component of the Consumer Price Index (CPI) contributed more to this volatility than the housing price component, measuring the cost of housing “services” (as distinct from the “Dwellings Price Index” index which measures that of the “assets”).1 As Figure 1 shows, whereas in the first 3 years, 1999-2002, the housing price component rose 1.6 times faster than the total CPI for those years, in the following five years, it sank at an annual pace of nearly 2 percent, and was the main reason for the modest CPI inflation in those years. Since then, the housing price component rose 2.5 times more rapidly than have the other components of the CPI, boosting the weight of housing in the basket from 21.4 percent in 1999 to 24.7 percent in 2016.
The Coming Rise In Residential Inflation
DOWNLOAD
Author : Marijn A. Bolhuis
language : en
Publisher:
Release Date : 2022
The Coming Rise In Residential Inflation written by Marijn A. Bolhuis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Financial crises categories.
We study how the recent run-up in housing and rental prices affects the outlook for inflation in the United States. Housing held down overall inflation in 2021. Despite record growth in private market-based measures of home prices and rents, government measured residential services inflation was only four percent for the twelve months ending in January 2022. After explaining the mechanical cause for this divergence, we estimate that, if past relationships hold, the residential inflation components of the CPI and PCE are likely to move close to seven percent during 2022. These findings imply that housing will make a significant contribution to overall inflation in 2022, ranging from one percentage point for headline PCE to 2.6 percentage points for core CPI. We expect residential inflation to remain elevated in 2023.
The Inflation Of House Prices Its Extent Causes And Consequences
DOWNLOAD
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.
Accounting For Housing In A Cpi
DOWNLOAD
Author : W. Erwin Diewert
language : en
Publisher:
Release Date : 2019
Accounting For Housing In A Cpi written by W. Erwin Diewert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
In this paper, we take stock of how statistical agencies in different nations are currently accounting for housing in their consumer price indexes (CPIs). The rental equivalence and user cost approaches have been favorites of economists. Both can be derived from the fundamental equation of capital theory. Concerns about these approaches are taken up. We go on to argue that an opportunity cost approach is the correct theoretical framework for accounting for owner-occupied housing (OOH) in a CPI. This approach, first mentioned in a 2006 OECD paper by Diewert, is developed more fully here. We explore the relationship of this new approach to the usual rental equivalency and user cost approaches. The new approach leads to an owner-occupied housing opportunity cost (OOHOC) index that is a weighted average of the rental and the financial opportunity costs. We call attention to the need for more direct measures of inflation for owner-occupied housing services. In a 2007 paper, Mishkin argues that central banks with supervisory authority can reduce the likelihood of bubbles forming through prudential supervision of the financial system. However, the official mandates of central banks typically focus on managing measured inflation. Barack Obama has pledged to give the Federal Reserve greater oversight of a broader array of financial institutions. We believe that an important addition to this pledge should be to give the BLS, BEA, and Census Bureau the funds and the mandate to aggressively develop improved measures of inflation for owner-occupied housing services. Central banks and national governments have many policy instruments at their disposal that they could use, in the future, to control inflation in housing markets. What they lack are appropriate measures of inflation in the market for owner-occupied housing services. The proposed new opportunity cost measure for accounting for OOH in a CPI will not be simple or cheap to implement. However, the current financial crisis makes it clear that the costs of not having an adequate measure for inflation in the cost of owner-occupied housing services can be far greater.