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Estimating Price Rigidities in the Russian Real Estate Markets

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  • Konstantin Styrin

    ()
    (CEFIR)

  • Oleg Zamulin

    ()
    (New Economic School and CEFIR)

Abstract

Behavior of apartment prices in the Russian cities following the ruble devaluation in August 1998 dffered markedly in different cities. In cities, where prices were denominated in dollars, they fell slowly over time. In cities, where apartments were priced in rubles, the dollarequivalents fell rapidly with the exchange rate, stayed low for two to three years, and then recovered rapidly when economy picked up. Such behavior is found to be consistent with a sticky-price model with backward-looking agents. Sticky information model finds less support. Finally, such behavior of prices is not consistent with forward-looking agents or exible prices.

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Bibliographic Info

Paper provided by Center for Economic and Financial Research (CEFIR) in its series Working Papers with number w0026.

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Length: 13 pages
Date of creation: Jan 2003
Date of revision:
Handle: RePEc:cfr:cefirw:w0026

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  1. Kimball, Miles S, 1995. "The Quantitative Analytics of the Basic Neomonetarist Model," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 27(4), pages 1241-77, November.
  2. N. Gregory Mankiw & Ricardo Reis, 2001. "Sticky Information: A Model of Monetary Nonneutrality and Structural Slumps," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1941, Harvard - Institute of Economic Research.
  3. Levina, Irina & Zamulin, Oleg, 2006. "Foreign Currency Pricing," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 38(3), pages 679-696, April.
  4. Michael T. Kiley, 1996. "Endogenous price stickiness and business cycle persistence," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 96-23, Board of Governors of the Federal Reserve System (U.S.).
  5. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, Elsevier, vol. 12(3), pages 383-398, September.
  6. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(1), pages 191-205, February.
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