Measuring housing services inflation
Recent papers have questioned the accuracy of the Bureau of Labor Statistics' methodology for measuring implicit rents for owner-occupied housing. The authors propose cross-checking the BLS statistics by using data on owner-occupied and rental housing from the American Housing Survey. A hedonic approach that explicitly calculates capitalization rates appears to be a feasible one for developing a methodologically consistent measure of the rental cost of owner-occupied housing.
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- Zvi Griliches, 1998.
"Productivity, R&D, and the Data Constraint,"
NBER Chapters,in: R&D and Productivity: The Econometric Evidence, pages 347-374
National Bureau of Economic Research, Inc.
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- David Genesove, 2003. "The Nominal Rigidity of Apartment Rents," The Review of Economics and Statistics, MIT Press, vol. 85(4), pages 844-853, November.