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The Amsterdam rent index: The housing market and the economy, 1550–1850

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  • Eichholtz, Piet
  • Straetmans, Stefan
  • Theebe, Marcel
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    Abstract

    The paper investigates the long run historic development of the Amsterdam rental housing market (1550–1850). Using rent data on a large cross section of residential properties in Amsterdam we are able to develop an annual constant-quality rent index for the entire time period. Whereas nominal rents nearly tripled over the considered sample period, average Amsterdam house rents, in real terms, had approximately the same level in 1850 as they exhibited in 1550. Otherwise stated, nominal rents and goods prices rose at the same pace. Over these 301years, the real index moves between a minimum level of 45.6 and a maximum of 162.4. As concerns the relation between the housing market and the real economy, we find empirical evidence that fluctuations in rents and fluctuations in proxies of business cycle activity comove, both in nominal and in real terms.

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    File URL: http://www.sciencedirect.com/science/article/pii/S1051137712000642
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    Bibliographic Info

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

    Volume (Year): 21 (2012)
    Issue (Month): 4 ()
    Pages: 269-282

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    Handle: RePEc:eee:jhouse:v:21:y:2012:i:4:p:269-282

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

    Related research

    Keywords: Rent index; Amsterdam housing market; Long term;

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    References

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    1. Goetzmann, W.N., 1990. "The Accuracy Of Real Estimate Indices: Repeat Sale Estimators," Papers fb-_90-17, Columbia - Graduate School of Business.
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    13. William C. Wheaton & Mark S. Baranski & Cesarina A. Templeton, 2009. "100 Years of Commercial Real Estate Prices in Manhattan," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(1), pages 69-83.
    14. Case, Bradford & Pollakowski, Henry O & Wachter, Susan M, 1997. "Frequency of Transaction and House Price Modeling," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 173-87, Jan.-Marc.
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    Cited by:
    1. Ronan C. Lyons, 2013. "Inside a Bubble and Crash – Evidence from the Valuation of Amenities," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    2. repec:tcd:tcduee:tep051 is not listed on IDEAS
    3. Ronan C. Lyons, 2013. "Inside a bubble and crash: Evidence from the valuation of amenities," Trinity Economics Papers tep0513, Trinity College Dublin, Department of Economics.

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