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Housing price functions and ownership capitalization rates

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  • Peter Linneman
  • Richard Voith

Abstract

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Suggested Citation

  • Peter Linneman & Richard Voith, 1988. "Housing price functions and ownership capitalization rates," Working Papers 88-8, Federal Reserve Bank of Philadelphia.
  • Handle: RePEc:fip:fedpwp:88-8
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    References listed on IDEAS

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    1. Robert J. Shiller, 1980. "Can the Fed Control Real Interest Rates?," NBER Chapters,in: Rational Expectations and Economic Policy, pages 117-167 National Bureau of Economic Research, Inc.
    2. Litterman, Robert B & Weiss, Laurence M, 1985. "Money, Real Interest Rates, and Output: A Reinterpretation of Postwar U.S. Data," Econometrica, Econometric Society, vol. 53(1), pages 129-156, January.
    3. Sims, Christopher A, 1980. "Comparison of Interwar and Postwar Business Cycles: Monetarism Reconsidered," American Economic Review, American Economic Association, vol. 70(2), pages 250-257, May.
    4. Evans, G B A & Savin, N E, 1984. "Testing for Unit Roots: 2," Econometrica, Econometric Society, vol. 52(5), pages 1241-1269, September.
    5. Mishkin, Frederic S., 1981. "The real interest rate: An empirical investigation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 15(1), pages 151-200, January.
    6. Barsky, Robert B., 1987. "The Fisher hypothesis and the forecastability and persistence of inflation," Journal of Monetary Economics, Elsevier, vol. 19(1), pages 3-24, January.
    7. Cumby, Robert E. & Huizinga, John & Obstfeld, Maurice, 1983. "Two-step two-stage least squares estimation in models with rational expectations," Journal of Econometrics, Elsevier, pages 333-355.
    8. John F. Boschen & Leonard O. Mills, 1987. "Tests of the relation between money and output in the real business cycle model," Working Papers 87-14, Federal Reserve Bank of Philadelphia.
    9. Frydman, Roman, 1986. "Are the Cross-Equation Restrictions Imposed in the Rational Expectations Models Valid?," Working Papers 86-07, C.V. Starr Center for Applied Economics, New York University.
    10. Martin Eichenbaum & Kenneth I. Singleton, 1986. "Do Equilibrium Real Business Cycle Theories Explain Postwar U.S. Business Cycles?," NBER Chapters,in: NBER Macroeconomics Annual 1986, Volume 1, pages 91-146 National Bureau of Economic Research, Inc.
    11. Diba, Behzad T & Oh, Seonghwan, 1991. "Money, Output, and the Expected Real Interest Rate," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 10-17, February.
    12. Newey, Whitney & West, Kenneth, 2014. "A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix," Applied Econometrics, Publishing House "SINERGIA PRESS", pages 125-132.
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    Cited by:

    1. Gaetano Lisi, 2015. "Use of Hedonic Prices to Estimate Capitalization Rate," International Real Estate Review, Asian Real Estate Society, vol. 18(3), pages 303-316.
    2. Gaetano Lisi, 2017. "Homeownership and entrepreneurship," Working Papers. Serie AD 2017-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    3. Crone, Theodore M. & Nakamura, Leonard I. & Voith, Richard, 1998. "Measuring housing services inflation," Working Papers 98-21, Federal Reserve Bank of Philadelphia, revised 01 Jan 1999.
    4. Oded Palmon & Baron A. Smith, 1998. "New Evidence on Property Tax Capitalization," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 1099-1128, October.
    5. Theodore M. Crone & Leonard I. Nakamura & Richard Voith, 2004. "Hedonic estimates of the cost of housing services: rental and owner-occupied units," Working Papers 04-22, Federal Reserve Bank of Philadelphia.
    6. Theodore M. Crone & Leonard I. Nakamura & Richard Voith, 2001. "Measuring American rents: a revisionist history," Working Papers 01-8, Federal Reserve Bank of Philadelphia.
    7. Kurz, Claudia & Hoffmann, Johannes, 2004. "A rental-equivalence index for owner-occupied housing in West Germany 1985 to 1998," Discussion Paper Series 1: Economic Studies 2004,08, Deutsche Bundesbank, Research Centre.
    8. Gaetano Lisi, 2016. "Mortgage Market, Housing Tenure Choice and Unemployment," The Journal of Real Estate Finance and Economics, Springer, vol. 53(4), pages 472-493, November.
    9. Gaetano Lisi, 2015. "Hedonic prices, capitalization rate and real estate appraisal," Economics Bulletin, AccessEcon, vol. 35(1), pages 783-787.
    10. Gonzalez, Arturo, 1998. "Mexican Enclaves and the Price of Culture," Journal of Urban Economics, Elsevier, vol. 43(2), pages 273-291, March.
    11. Palmon, Oded & Smith, Barton A., 1998. "A New Approach for Identifying the Parameters of a Tax Capitalization Model," Journal of Urban Economics, Elsevier, vol. 44(2), pages 299-316, September.

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    Keywords

    Housing - Finance ; Prices;

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