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House Prices in the Measurement of Inflation - An Application Using Irish Data

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Author Info
Róisín O’Sullivan (Smith College, Massachusetts)
Abstract

This paper illustrates the impact on Irish inflation of including a house-price series with the current components of the harmonised index of consumer prices (HICP). We construct a dynamic factor index of inflation that weights the individual price series according to the strength of their signal about the common trend in prices. As the relatively noisy house-price series attracts a weight of only 3 per cent in the index, the inclusion of house prices in this way does not hugely alter the recent pattern of inflation for Ireland, despite house prices exhibiting much stronger growth on average than the current measure of consumer prices.

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File URL: http://www.esr.ie/Vol36_2/04_O%27Sullivan_Article.pdf
File Format: application/pdf
File Function: First version, 2005
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Publisher Info
Article provided by Economic and Social Studies in its journal Economic and Social Review.

Volume (Year): 36 (2005)
Issue (Month): 2 ()
Pages: 157-178
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:eso:journl:v:36:y:2005:i:2:p:157-178

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  1. Mark A. Wynne, 1999. "Core inflation: a review of some conceptual issues," Working Paper Series 5, European Central Bank. [Downloadable!]
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  2. M.F. Bryan & S.G. Cecchetti & R. O'Sullivan, 2001. "Asset Prices in the Measurement of Inflation," DNB Staff Reports (discontinued) 62, Netherlands Central Bank. [Downloadable!]
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  3. Paul D. Gilbert & Lise Pichette, 2003. "Dynamic Factor Analysis for Measuring Money," Working Papers 03-21, Bank of Canada. [Downloadable!]
  4. Shiratsuka, Shigenori, 1999. "Asset Price Fluctuation and Price Indices," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 17(3), pages 103-28, December. [Downloadable!]
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  5. Michael F. Bryan & Stephen G. Cecchetti, 1993. "The consumer price index as a measure of inflation," Economic Review, Federal Reserve Bank of Cleveland, issue Q IV, pages 15-24. [Downloadable!]
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  6. Carsten Detken & Frank Smets, 2004. "Asset price booms and monetary policy," Working Paper Series 364, European Central Bank. [Downloadable!]
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