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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.

Suggested Citation

  • Mick Silver, 2011. "House Price Indices: Does Measurement Matter?," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 12(3), pages 69-86, July.
  • Handle: RePEc:wej:wldecn:482
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    References listed on IDEAS

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    Cited by:

    1. Hideaki Hirata & M. Ayhan Kose & Christopher Otrok & Marco E Terrones, 2013. "Global House Price Fluctuations: Synchronization and Determinants," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 9(1), pages 119-166.
    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. Mick Silver, 2012. "Why House Price Indexes Differ; Measurement and Analysis," IMF Working Papers 12/125, International Monetary Fund.
    4. Deniz O Igan & Prakash Loungani, 2012. "Global Housing Cycles," IMF Working Papers 12/217, International Monetary Fund.
    5. Mick Silver, 2016. "How to Better Measure Hedonic Residential Property Price Indexes," IMF Working Papers 16/213, International Monetary Fund.

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