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Using house prices to compute the price of housing in the CPI

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  • Beatty, Timothy K.M.
  • Larsen, Erling Røed
  • Sommervoll, Dag Einar

Abstract

Rental-equivalence is often used in computing price changes of owner-occupied housing in the CPI. We use an alternative approach, employing interest-adjusted house prices. For Norway 2000-2008 our method yielded a 30% CPI-increase, compared to the official 17%.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 106 (2010)
Issue (Month): 3 (March)
Pages: 238-240

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Handle: RePEc:eee:ecolet:v:106:y:2010:i:3:p:238-240

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Keywords: Consumer price index Inflation measurement Owner-occupied housing;

References

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  1. Timothy K.M. Beatty & Erling Røed Larsen & Dag Einar Sommervoll, 2005. "Measuring the Price of Housing Consumption for Owners in the CPI," Discussion Papers 427, Research Department of Statistics Norway.
  2. Beatty, Timothy K.M. & Larsen, Erling Roed, 2004. "Using Engel Curves To Estimate Bias In The Canadian Cpi As A Cost Of Living Index," Working Papers 15836, University of British Columbia, Food and Resource Economics.
  3. Mankiw, N. Gregory & Reis, Ricardo, 2003. "What Measure of Inflation Should a Central Bank Target?," Scholarly Articles 3415322, Harvard University Department of Economics.
  4. Raquel Arévalo & Javier Ruiz-Castillo, 2006. "On the Imputation of Rental Prices to Owner-occupied Housing," Journal of the European Economic Association, MIT Press, vol. 4(4), pages 830-861, 06.
  5. Kevin X. D. Huang & Zheng Liu, 2004. "Inflation targeting: what inflation rate to target?," Working Papers 04-6, Federal Reserve Bank of Philadelphia.
  6. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762.
  7. Erling Røed Larsen, 2007. "Does the CPI Mirror the Cost of Living? Engel's Law Suggests Not in Norway," Scandinavian Journal of Economics, Wiley Blackwell, vol. 109(1), pages 177-195, 03.
  8. C. Goodhart, 2001. "What Weight Should be Given to Asset Prices in the Measurementof Inflation?," DNB Staff Reports (discontinued) 65, Netherlands Central Bank.
  9. Goodhart, Charles, 2001. "What Weight Should Be Given to Asset Prices in the Measurement of Inflation?," Economic Journal, Royal Economic Society, vol. 111(472), pages F335-56, June.
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