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Alternative Approaches to Measuring House Price Inflation

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  • Diewert, Erwin

Abstract

The paper uses data on sales of detached houses in a small Dutch town over 14 quarters starting at the first quarter of 2005 in order to compare various methods for constructing a house price index over this period. Four classes of methods are considered: (i) stratification techniques plus normal index number theory; (ii) time dummy hedonic regression models; (iii) hedonic imputation techniques and (iv) additive in land and structures hedonic regression models. The last approach is used in order to decompose the price of a house into land and structure components and it relies on the imposition of some monotonicity constraints or exogenous information on price movements for structures. The problems associated with constructing an index for the stock of houses using information on the sales of houses are also considered.

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File URL: http://faculty.arts.ubc.ca/diewert/dp1010.pdf
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Bibliographic Info

Paper provided by Vancouver School of Economics in its series Economics working papers with number erwin_diewert-2011-1.

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Length: 49 pages
Date of creation: 07 Jan 2011
Date of revision: 07 Jan 2011
Handle: RePEc:ubc:bricol:erwin_diewert-2011-1

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Web page: http://www.economics.ubc.ca/

Related research

Keywords: Property price indexes; hedonic regressions; stratification techniques; rolling year indexes; Fisher ideal indexes;

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Cited by:
  1. Esmeralda Ramalho & Joquim Ramalho, 2014. "Convenient links for the estimation of hedonic price indexes:the case of unique, infrequently traded assets," CEFAGE-UE Working Papers 2014_01, University of Evora, CEFAGE-UE (Portugal).

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