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House Price Indices: Does Measurement Matter?

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  • Mick Silver

Abstract

A key factor in understanding the global recession is movements in residential property price indexes (RPPIs). Of concern is that more than one national RPPI is often compiled and disseminated for a country, each differing in regard to their methodology, and thus results. Key methodological issues include the: (i) use of stocks or flows and values or quantities for weights; (ii) method of enabling constant quality measures; (iii) coverage in terms of geography, type of housing and financing; and (iv) valuation of prices. The paper outlines such issues by way of three case studies: the United Kingdom, the United States and the Russian Federation.

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Bibliographic Info

Article provided by World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE in its journal World Economics Journal.

Volume (Year): 12 (2011)
Issue (Month): 3 (July)
Pages: 69-86

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Handle: RePEc:wej:wldecn:482

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Cited by:
  1. Hideaki Hirata & M. Ayhan Kose & Christopher Otrok & Marco E. Terrones, 2012. "Global House Price Fluctuations: Synchronization and Determinants," NBER Working Papers 18362, National Bureau of Economic Research, Inc.
  2. Cesa-Bianchi, Ambrogio, 2013. "Housing cycles and macroeconomic fluctuations: A global perspective," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 215-238.
  3. Deniz Igan & Prakash Loungani, 2012. "Global Housing Cycles," IMF Working Papers 12/217, International Monetary Fund.
  4. Mick Silver, 2012. "Why House Price Indexes Differ," IMF Working Papers 12/125, International Monetary Fund.

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