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How should we measure residential property prices to inform policy makers?

In: Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition

Author

Listed:
  • Jens Mehrhoff
  • Elena Triebskorn

Abstract

Owing to newly available data sources for weighting from the 2011 Census of buildings and housing and data on the number of transactions and transaction values for Germany, this paper expands the previous method of calculating house price indices at the Deutsche Bundesbank with regard to weighting schemes. Starting from a methodological framework, this paper examines the distinctive purposes of house price indices and the appropriate information on prices and weights to be applied. The analysis then turns to assessing the differences in the weights as well as a comparison of the resulting price indices. The final section intends an empirical quantification of differences in the results.

Suggested Citation

  • Jens Mehrhoff & Elena Triebskorn, 2016. "How should we measure residential property prices to inform policy makers?," Chapters from NBP Conference Publications, in: Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski & Joanna Waszczuk (ed.), Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis - 2015 edition, chapter 17, pages 227-245, Narodowy Bank Polski.
    • Handle: RePEc:nbp:nbpchp:2-17
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    Cited by:

    1. Silver Mick, 2022. "Econometric Issues in Hedonic Property Price Indices: Some Practical Help," Journal of Official Statistics, Sciendo, vol. 38(1), pages 153-186, March.

    More about this item

    Keywords

    hedonic price index – Czech Republic – house prices – global financial crisis;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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