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Econometric Approach of Residential Rents Rigidity -Micro Structure and Macro Consequences-
https://doi.org/10.18901/00000408
https://doi.org/10.18901/00000408d4caec33-9a4f-43ac-bc24-79369ada3d63
名前 / ファイル | ライセンス | アクション |
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wp30 (689.0 kB)
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Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
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公開日 | 2014-03-04 | |||||
タイトル | ||||||
言語 | en | |||||
タイトル | Econometric Approach of Residential Rents Rigidity -Micro Structure and Macro Consequences- | |||||
言語 | ||||||
言語 | eng | |||||
キーワード | ||||||
言語 | en | |||||
主題Scheme | Other | |||||
主題 | hedonic price index | |||||
キーワード | ||||||
言語 | en | |||||
主題Scheme | Other | |||||
主題 | CPI (Consumer Price Index) | |||||
キーワード | ||||||
言語 | en | |||||
主題Scheme | Other | |||||
主題 | price stickiness | |||||
キーワード | ||||||
言語 | en | |||||
主題Scheme | Other | |||||
主題 | time dependent pricing | |||||
キーワード | ||||||
言語 | en | |||||
主題Scheme | Other | |||||
主題 | state dependent pricing | |||||
キーワード | ||||||
言語 | en | |||||
主題Scheme | Other | |||||
主題 | Calvo model | |||||
資源タイプ | ||||||
資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||
資源タイプ | departmental bulletin paper | |||||
ID登録 | ||||||
ID登録 | 10.18901/00000408 | |||||
ID登録タイプ | JaLC | |||||
著者名 |
Chihiro , Shimizu
× Chihiro , Shimizu |
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著者名(英) |
Shimizu, Chihiro
× Shimizu, Chihiro |
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抄録 | ||||||
内容記述タイプ | Abstract | |||||
内容記述 | Why was the Japanese consumer price index for rents so stable even during the period of housing bubble in the 1980s? In addressing this question, we start from the analysis of microeconomic rigidity and then investigate its implications about aggregate price dynamics. We find that ninety percent of the units in our dataset had no change in rents per year, indicating that rent stickiness is three times as high as in the US. We also find that the probability of rent adjustment depends little on the deviation of the actual rent from its target level, suggesting that rent adjustments are not state dependent but time dependent. These two results indicate that both intensive and extensive margins of rent adjustments are very small, thus yielding a slow response of the CPI to aggregate shocks. We show that the CPI inflation rate would have been higher by one percentage point during the bubble period and lower by more than one percentage point during the period of bubble bursting, if the Japanese housing rents were as flexible as in the US. | |||||
書誌情報 |
経済社会総合研究センター Working Paper en : RIPESS Working Paper 巻 30, p. 1-28,Ⅰ-XV, 発行日 2009-01-25 |
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出版者 | ||||||
出版者 | 麗澤大学経済社会総合研究センター |