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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References listed on IDEAS
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- David Genesove, 1999.
"The Nominal Rigidity of Apartment Rents,"
NBER Working Papers
7137, National Bureau of Economic Research, Inc.
- Peter Linneman & Richard Voith, 1988.
"Housing price functions and ownership capitalization rates,"
88-8, Federal Reserve Bank of Philadelphia.
- Linneman, Peter & Voith, Richard, 1991. "Housing price functions and ownership capitalization rates," Journal of Urban Economics, Elsevier, vol. 30(1), pages 100-111, July.
- Zvi Griliches, 1998.
"Productivity, R&D, and the Data Constraint,"
in: R&D and Productivity: The Econometric Evidence, pages 347-374
National Bureau of Economic Research, Inc.
- Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1.
- Linneman, Peter, 1980. "Some empirical results on the nature of the hedonic price function for the urban housing market," Journal of Urban Economics, Elsevier, vol. 8(1), pages 47-68, July.
- W. Erwin Diewert & Kevin J. Fox, 1999. "Can measurement error explain the productivity paradox?," Canadian Journal of Economics, Canadian Economics Association, vol. 32(2), pages 251-280, April.
- Gordon, Robert J., 1990. "The Measurement of Durable Goods Prices," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226304557, May.
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