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Housing and cost of living: Application to the Spanish regions

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  • Garrido-Yserte, Rubén
  • Mañas-Alcón, Elena
  • Gallo-Rivera, Maria Teresa

Abstract

Spain is a home-owner economy, and housing is a key good for determining the cost of living. However, its treatment in indices such as the Spanish Consumer Price Index (CPI) makes it impossible to measure the real impact of housing on the cost of living. This issue is especially relevant at the regional level, where the differences in the housing markets are very substantial. This paper demonstrates the importance of taking account of owner occupied housing in a measure of the cost of living for Spain.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Housing Economics.

Volume (Year): 21 (2012)
Issue (Month): 3 ()
Pages: 246-255

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Handle: RePEc:eee:jhouse:v:21:y:2012:i:3:p:246-255

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Web page: http://www.elsevier.com/locate/inca/622881

Related research

Keywords: Owner-occupied housing; CPI; Regions; Regional income; Spain;

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References

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  1. Diewert, W. Erwin & Nakamura, Alice O. & Nakamura, Leonard I., 2009. "The housing bubble and a new approach to accounting for housing in a CPI," Journal of Housing Economics, Elsevier, vol. 18(3), pages 156-171, September.
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  5. Boris Cournède, 2005. "House Prices and Inflation in the Euro Area," OECD Economics Department Working Papers 450, OECD Publishing.
  6. Garner, Thesia I. & Short, Kathleen, 2009. "Accounting for owner-occupied dwelling services: Aggregates and distributions," Journal of Housing Economics, Elsevier, vol. 18(3), pages 233-248, September.
  7. Onrubia, Jorge & Rodado, M. Carmen & Ayala, Luis, 2009. "How do services of owner-occupied housing affect income inequality and redistribution?," Journal of Housing Economics, Elsevier, vol. 18(3), pages 224-232, September.
  8. Ayuso, Juan & Restoy, Fernando, 2007. "House prices and rents in Spain: Does the discount factor matter?," Journal of Housing Economics, Elsevier, vol. 16(3-4), pages 291-308, November.
  9. W. Erwin Diewert, 2009. "Durables and Owner-Occupied Housing in a Consumer Price Index," NBER Chapters, in: Price Index Concepts and Measurement, pages 445-500 National Bureau of Economic Research, Inc.
  10. Diewert, Erwin & Nakamura, Alice O., 2009. "Accounting for Housing in a CPI," Economics working papers erwin_diewert-2009-19, Vancouver School of Economics, revised 12 Mar 2009.
  11. Ayuso, Juan & Restoy, Fernando, 2006. "House prices and rents: An equilibrium asset pricing approach," Journal of Empirical Finance, Elsevier, vol. 13(3), pages 371-388, June.
  12. Stuart McFadyen & Robert Hobart, 1978. "An Alternative Measurement of Housing Costs and the Consumer Price Index," Canadian Journal of Economics, Canadian Economics Association, vol. 11(1), pages 105-12, February.
  13. Joseph G Carson & David S Johnson & Charles Steindel, 2006. "Housing Costs in the CPI: What Are We Measuring?," Business Economics, Palgrave Macmillan, vol. 41(1), pages 59-68, January.
  14. W. Erwin Diewert, 2003. "Hedonic Regressions. A Consumer Theory Approach," NBER Chapters, in: Scanner Data and Price Indexes, pages 317-348 National Bureau of Economic Research, Inc.
  15. Jorge Martínez Pagés & Luis Ángel Maza, 2003. "Analysis of house prices in Spain," Banco de Espa�a Working Papers 0307, Banco de Espa�a.
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