The Paris OECD-IMF Workshop on Real Estate Price Indexes: Conclusions and Future Directions
AbstractThe paper summarizes the main ideas suggested in OECD-IMF Workshop on Real Estate Price Indexes which was held in Paris, November 6-7, 2006. The paper discusses possible uses and target indexes for real estate price indexes and notes that a major problem is that it is not possible to exactly match the quality of dwelling units over time due to the fact that the housing stock changes in quality due to renovations and depreciation. Four alternative methods for constructing real estate price indexes are discussed: the repeat sales model; the use of assessment information along with property sale information; stratification methods and hedonic methods. The paper notes that the typical hedonic regression method may suffer from specification bias and suggests a way forward. Problems with the user cost method for pricing the services of owner occupied housing are also discussed.
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Bibliographic InfoPaper provided by UBC Department of Economics in its series UBC Departmental Archives with number diewert-07-01-03-08-12-12.
Length: 33 pages
Date of creation: 03 Jan 2007
Date of revision: 31 Jan 2007
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Real estate price indexes; housing; index number theory; hedonic regression techniques; repeat sales method; system of national accounts; user costs;
Find related papers by JEL classification:
- C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-02-10 (All new papers)
- NEP-MAC-2007-02-10 (Macroeconomics)
- NEP-URE-2007-02-10 (Urban & Real Estate Economics)
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