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The Estimation of Owner Occupied Housing Indexes using the RPPI:The Case of Tokyo
https://doi.org/10.18901/00000430
https://doi.org/10.18901/00000430b11b9b08-23a2-446e-a054-a4990c6fc073
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2014-03-06 | |||||
| タイトル | ||||||
| タイトル | The Estimation of Owner Occupied Housing Indexes using the RPPI:The Case of Tokyo | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Durable goods | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Consumer Price Index | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Owner Occupied Housing | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | hedonic regression models | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | rental equivalence approach | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | user cost approach | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | RPPI handbook | |||||
| 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 | 10.18901/00000430 | |||||
| ID登録タイプ | JaLC | |||||
| 著者名 |
Chihiro , Shimizu
× Chihiro , Shimizu× W. Erwin Diewert× Kiyohiko.G. , Nishimura× Tsutomu , Watanabe |
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| 著者名（英） |
Chihiro , Shimizu
× Chihiro , Shimizu× W. Erwin Diewert× Kiyohiko.G. , Nishimura× Tsutomu , Watanabe |
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| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | Dramatic increases and decreases in housing prices have had an enormous impact on the economies of various countries. If this kind of fluctuation in housing prices is linked to fluctuations in the consumer price index (CPI) and GDP, it may be reflected in fiscal and monetary policies. However, during the 1980s housing bubble in Japan and the later U.S. housing bubble, fluctuations in asset prices were not sufficiently reflected in price statistics and the like. The estimation of imputed rent for owneroccupied housing is said to be one of the most important factors for this. Using multiple previously proposed methods, this study estimated the imputed rent for owner-occupied housing in Tokyo and clarified the extent to which the estimated imputed rent diverged depending on the estimation method. Examining the results obtained showed that, during the bubble’s peak, there was an 11-fold discrepancy between the Equivalent Rent Approach currently employed in Japan and Equivalent Rent calculated with a hedonic approach using market rent. Meanwhile, with the User Cost Approach, during the bubble period when asset prices rose significantly, the values became negative with some estimation methods. Accordingly, we estimated Diewert’s OOH Index, which was proposed by Diewert and Nakamura (2009). When the Diewert’s OOH Index results estimated here were compared to Equivalent Rent Approach estimation results modified with the hedonic approach using market rent, it revealed that from 1990 to 2009, the Diewert’s OOH Index results were on average 1.7 times greater than the Equivalent Rent Approach results, with a maximum 3-fold difference. These findings suggest that even when the Equivalent Rent Approach is improved, significant discrepancies remain. | |||||
| 書誌情報 |
経済社会総合研究センター Working Paper en : RIPESS Working Paper 巻 50, p. 1-32, 発行日 2012-10-15 |
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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 | |||||
