Measuring Housing Service Inflation PDF Download
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Download Measuring Housing Service Inflation Book in PDF, ePub and Kindle
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.
Author | : Theodore M. Crone |
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Total Pages | : 43 |
Release | : 1998 |
Genre | : Housing |
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Download Measuring Housing Services Inflation Book in PDF, ePub and Kindle
Author | : Theodore M. Crone |
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Total Pages | : 34 |
Release | : 1999 |
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Download Measuring Housing Services Inflation Book in PDF, ePub and Kindle
Author | : Jonathan McCarthy |
Publisher | : DIANE Publishing |
Total Pages | : 41 |
Release | : 2011 |
Genre | : Law |
ISBN | : 1437929311 |
Download Measurement of Rent Inflation Book in PDF, ePub and Kindle
This is a print on demand edition of a hard to find publication. Rent, paid either to a landlord or to oneself as an owner-occupant, has a large weight in the CPI and in the personal consumption expenditures deflator. The authors describe how the Bureau of Labor Stat. (BLS) estimates tenant rent and owners¿ equivalent rent. They then estimate alternative inflation rates for tenant rent and owners¿ equivalent rent based on Amer. Housing Survey data, following BLS methodology as closely as possible. The authors¿ alternative tenant rent inflation series is generally consistent with the corresponding BLS series. However, their alternative owners¿ equivalent rent inflation series is consistently lower than the corresponding BLS series by an amount large enough to have a significant effect on the overall inflation rate.
Author | : Marianna Kudlyak |
Publisher | : |
Total Pages | : 23 |
Release | : 2018 |
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Download Housing Services Price Inflation Book in PDF, ePub and Kindle
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.
Author | : Pascal Towbin |
Publisher | : International Monetary Fund |
Total Pages | : 35 |
Release | : 2015-07-30 |
Genre | : Business & Economics |
ISBN | : 1513596233 |
Download Price Expectations and the U.S. Housing Boom Book in PDF, ePub and Kindle
Between 1996 and 2006 the U.S. has experienced an unprecedented boom in house prices. As it has proven to be difficult to explain the large price increase by observable fundamentals, many observers have emphasized the role of speculation, i.e. expectations about future price developments. The argument is, however, often indirect: speculation is treated as a deviation from a benchmark. The present paper aims to identify house price expectation shocks directly. To that purpose, we estimate a VAR model for the U.S. and use sign restrictions to identify house price expectation, housing supply, housing demand, and mortgage rate shocks. House price expectation shocks are the most important driver of the boom and account for about 30 percent of the real house price increase. We also construct a model-based measure of exogenous changes in price expectations and show that this measure leads a survey-based measure of changes in house price expectations. Our main identification scheme leaves open whether expectation shifts are realistic or unrealistic. In extensions, we provide evidence that price expectation shifts during the boom were primarily unrealistic and were only marginally affected by realistic expectations about future fundamentals.
Author | : John A. Tuccillo |
Publisher | : |
Total Pages | : 200 |
Release | : 1981 |
Genre | : Business & Economics |
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Download House Prices and Inflation Book in PDF, ePub and Kindle
Author | : Reuben Gronau |
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Total Pages | : 15 |
Release | : 2019 |
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Download Some Thoughts on the Housing Component of the Consumer Price Index Book in PDF, ePub and Kindle
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.
Author | : W. Erwin Diewert |
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Total Pages | : 0 |
Release | : 2009 |
Genre | : Consumer price indexes |
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Download Accounting for Housing in a CPI Book in PDF, ePub and Kindle
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.
Author | : United States. Congress. Joint Economic Committee |
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Total Pages | : 212 |
Release | : 1979 |
Genre | : Inflation (Finance) |
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