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Measuring housing services inflation

  • Theodore M. Crone
  • Leonard I. Nakamura
  • Richard Voith

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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Paper provided by Federal Reserve Bank of Philadelphia in its series Working Papers with number 99-9.

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Date of creation: 1999
Date of revision:
Handle: RePEc:fip:fedpwp:99-9
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  1. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1, December.
  2. 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.
  3. Griliches, Zvi, 1994. "Productivity, R&D, and the Data Constraint," American Economic Review, American Economic Association, vol. 84(1), pages 1-23, March.
  4. 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.
  5. Linneman, Peter & Voith, Richard, 1991. "Housing price functions and ownership capitalization rates," Journal of Urban Economics, Elsevier, vol. 30(1), pages 100-111, July.
  6. David Genesove, 1999. "The Nominal Rigidity of Apartment Rents," NBER Working Papers 7137, National Bureau of Economic Research, Inc.
  7. repec:ucp:bknber:9780226304557 is not listed on IDEAS
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