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Deflation in Durable Goods Markets: An Empirical Model of the Tokyo Condominium Market

Author

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  • Migiwa Tanaka

    (Institute for Monetary and Economic Studies, Bank of Japan (E-mail: migiwa.tanaka@boj.or.jp))

Abstract

Throughout the 1990s, the supply of new condominiums in Tokyo significantly increased while prices persistently fell. This paper investigates whether the market power of condominium developers is a factor in explaining the outcome in this market and whether there is a relationship between production cost trend and the degree of market power that the developers were able to exercise. In order to respond to these questions, a dynamic durable goods oligopoly model of the condominium market-one incorporating time-variant costs and a secondary market-is constructed and structurally estimated using a nested GMM procedure.

Suggested Citation

  • Migiwa Tanaka, 2008. "Deflation in Durable Goods Markets: An Empirical Model of the Tokyo Condominium Market," IMES Discussion Paper Series 08-E-02, Institute for Monetary and Economic Studies, Bank of Japan.
  • Handle: RePEc:ime:imedps:08-e-02
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    File URL: http://www.imes.boj.or.jp/research/papers/english/08-E-02.pdf
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    Cited by:

    1. Andrew Ching & Masakazu Ishihara, 2014. "Dynamic Demand for New and Used Durable Goods without Physical Depreciation: The Case of Japanese Video Games," 2014 Meeting Papers 782, Society for Economic Dynamics.

    More about this item

    Keywords

    Durable Goods; Dynamic Oligopoly; Housing Market;

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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