Estimating Price Rigidities in the Russian Real Estate Markets
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.
|Date of creation:||Jan 2003|
|Date of revision:|
|Contact details of provider:|| Postal: 117418 Russia, Moscow, Nakhimovsky pr., 47, office 720|
Phone: +7 (495) 105 50 02
Fax: +7 (495) 105 50 03
Web page: http://www.cefir.ru
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kiley, Michael T, 2000.
"Endogenous Price Stickiness and Business Cycle Persistence,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 32(1), pages 28-53, February.
- Michael T. Kiley, 1996. "Endogenous price stickiness and business cycle persistence," Finance and Economics Discussion Series 96-23, Board of Governors of the Federal Reserve System (U.S.).
- Irina Levina & Oleg Zamulin, 2002.
"Foreign Currency Pricing,"
w0023, Center for Economic and Financial Research (CEFIR).
- Miles S. Kimball & Michael Woodford, 1994.
"The quantitative analysis of the basic neomonetarist model,"
Federal Reserve Bank of Cleveland, pages 1241-1289.
- Kimball, Miles S, 1995. "The Quantitative Analytics of the Basic Neomonetarist Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1241-77, November.
- Miles S. Kimball, 1995. "The Quantitative Analytics of the Basic Neomonetarist Model," NBER Working Papers 5046, National Bureau of Economic Research, Inc.
- N. Gregory Mankiw & Ricardo Reis, 2001.
"Sticky Information: A Model of Monetary Nonneutrality and Structural Slumps,"
Harvard Institute of Economic Research Working Papers
1941, Harvard - Institute of Economic Research.
- N. Gregory Mankiw & Ricardo Reis, 2001. "Sticky Information: A Model of Monetary Nonneutrality and Structural Slumps," NBER Working Papers 8614, National Bureau of Economic Research, Inc.
- Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February.
- Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
When requesting a correction, please mention this item's handle: RePEc:cfr:cefirw:w0026. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Julia Babich)
If references are entirely missing, you can add them using this form.