How to Better Measure Hedonic Residential Property Price Indexes
How to Better Measure Hedonic Residential Property Price Indexes

Author: Mick Silver

Publisher: International Monetary Fund

Published: 2016-11-16

Total Pages: 89

ISBN-13: 1475555296

DOWNLOAD EBOOK

Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i) is weighted at a basic level; (ii) has a new (quasi-) superlative form and thus mitigates substitution bias; (iii) is suitable for sparse data in thin markets; and (iv) only requires the periodic estimation of hedonic regressions for reference periods and is not subject to the vagrancies of misspecification and estimation issues.

Property Price Index
Property Price Index

Author: W. Erwin Diewert

Publisher: Springer

Published: 2020-01-25

Total Pages: 0

ISBN-13: 9784431559405

DOWNLOAD EBOOK

This book answers the question of how exactly property price indexes should be constructed. The formation and collapse of property bubbles has had a profound impact on the economic administration of many nations. The property price bubble that began around the mid-1980s in Japan has been called the 20th century's biggest bubble. In its aftermath, the country faced a period of long-term economic stagnation dubbed the "lost decade." Sweden and the United States have also faced collapses of property bubbles in the 20th and early 21st centuries, respectively. It has been pointed out that the "information gap" that existed between policy-making authorities and the property (including housing) and financial markets was a problem. In 2009, the IMF proposed the creation of a housing price index to the G20 in order to fill this information gap, and the proposal was adopted. Furthermore, in 2011, it was suggested that the next economic crisis would be caused by a bubble in commercial property prices, and it was decided to create a commercial property index as well. This book provides practical examples of how the theory of property price indexes can be applied to the issues of property as a non-homogenous good and a technological and environmental change.

The Application of Hedonic Methods in Quality-Adjusted Price Indices
The Application of Hedonic Methods in Quality-Adjusted Price Indices

Author: Anna Król

Publisher: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Published: 2020-06-01

Total Pages: 133

ISBN-13: 8376957902

DOWNLOAD EBOOK

The measurement of price dynamics is by no means new endeavourin the official statistics but the process of establishing accurate price changes in time still remains challenging in many areas. One such demanding field is the application of appropriate techniques in price index development for providing amendments reflecting quality differences which might occur in the compared commodities. The book presents results of research on the applicability of hedonic methods in adjusting price indices to changes in the goods quality and test the techniques used for hedonic price indices construction using the data sets for various groups of heterogeneous goods, including used automobiles, appartments, household appliances and ICT goods.

Hedonic Methods in Housing Markets
Hedonic Methods in Housing Markets

Author: Andrea Baranzini

Publisher: Springer Science & Business Media

Published: 2008-09-20

Total Pages: 283

ISBN-13: 0387768157

DOWNLOAD EBOOK

Cities are growing worldwide and their sprawl is increasingly challenged for its pressure on open spaces and environmental quality. Economic arguments can help to decide about the trade-off between preserving environmental quality and developing housing and business surfaces, provided the benefits of environmental quality are adequately quantified. To this end, this book focuses on the use and advancement of the “hedonic approach”, an economic valuation technique that analyses and quantifies the sources of rent and property price differentials. Starting from theoretical foundations, the hedonic approach is applied to the valuation of natural land use preservation and noise abatement measures, as well as to residential segregation and discrimination, extending the analysis to the role of the buyers and sellers' identity on housing market prices and to the issue of environmental justice.

Handbook on Residential Property Price Indices
Handbook on Residential Property Price Indices

Author: OECD

Publisher: OECD Publishing

Published: 2013-04-22

Total Pages: 186

ISBN-13: 9264197184

DOWNLOAD EBOOK

This Handbook provides, for the first time, comprehensive guidelines for the compilation of Residential Property Price Indexes and explains in depth the methods and best practices used to calculate an RPPI.

Advances in Economic Measurement
Advances in Economic Measurement

Author: Duangkamon Chotikapanich

Publisher: Springer Nature

Published: 2022-10-03

Total Pages: 675

ISBN-13: 9811920230

DOWNLOAD EBOOK

The purpose of this book is to honour D.S. Prasada Rao and his many outstanding contributions to economic measurement, including index number methods for international comparisons of prices, real incomes, output, and productivity; stochastic approaches to index numbers; purchasing power parities for the measurement of regional and global inequality and poverty; and measurement of income and economic insecurity. This book brings together contributions by well-known and influential researchers in the field of economic measurement with special focus on topics in productivity measurement (Part I); income and health inequality, inequality of opportunity, and measurement of insecurity (Part II); index number theory and applications to consumer price index numbers, international comparisons of prices and real expenditures, and housing price index numbers (Part III). The chapters are authored by eminent researchers including Conchita D’Ambrosio, Bert Balk, Erwin Diewert, Robert Hill, Robert Inklaar, Knox Lovell, Robin Sickles, Jacques Silber and Marcel Timmer. The contributed papers offer in-depth reviews of the state of the art in these areas with a focus on the existing methods and applications, making the volume an invaluable source for both experienced researchers and new researchers, including PhD and other postgraduate students.

IMF Research Bulletin, December 2016
IMF Research Bulletin, December 2016

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2016-12-30

Total Pages: 16

ISBN-13: 1475567081

DOWNLOAD EBOOK

The Research Summaries in this issue of the IMF Research Bulletin cover “Tax Capacity and Growth” (by Vitor Gaspar, Laura Jaramillo, and Philippe Wingender), and “U.S. Shale Revolution and Its Spillover Effects on the Global Economy” (Ravi Balakrishnan, Keiko Honjo, Akito Matsumoto, and Andrea Pescatori). The Q&A coauthored by Amadou Sy and Mariama Sow covers “Seven Questions about the Relationship between Country Finance and Governance.” A listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from IMF Publications is included in the IMF Research Bulletin. Readers can also find news on free-to-view articles from IMF Economic Review and a call for conference papers in this issue of the Bulletin.

Why House Price Indexes Differ
Why House Price Indexes Differ

Author: Mick Silver

Publisher: International Monetary Fund

Published: 2012-05-01

Total Pages: 36

ISBN-13: 1475593643

DOWNLOAD EBOOK

A key element in the build-up to the global recession and subsequently was the movement in house price indexes (HPIs). These indexes are particularly prone to methodological and coverage differences which can undermine both within-country and cross-country economic analysis. The paper outlines key measurement issues and reports on empirical work using an international panel data set that (i) considers whether differences in HPI measurement matter and, if so, in what way, and (ii) revisits the measurement of global house price inflation and the modeling of the determinants of house price inflation using HPIs corrected for differences in measurement practice.

Spatial Econometrics
Spatial Econometrics

Author: Harry Kelejian

Publisher: Academic Press

Published: 2017-07-20

Total Pages: 460

ISBN-13: 0128133929

DOWNLOAD EBOOK

Spatial Econometrics provides a modern, powerful and flexible skillset to early career researchers interested in entering this rapidly expanding discipline. It articulates the principles and current practice of modern spatial econometrics and spatial statistics, combining rigorous depth of presentation with unusual depth of coverage. Introducing and formalizing the principles of, and 'need' for, models which define spatial interactions, the book provides a comprehensive framework for almost every major facet of modern science. Subjects covered at length include spatial regression models, weighting matrices, estimation procedures and the complications associated with their use. The work particularly focuses on models of uncertainty and estimation under various complications relating to model specifications, data problems, tests of hypotheses, along with systems and panel data extensions which are covered in exhaustive detail. Extensions discussing pre-test procedures and Bayesian methodologies are provided at length. Throughout, direct applications of spatial models are described in detail, with copious illustrative empirical examples demonstrating how readers might implement spatial analysis in research projects. Designed as a textbook and reference companion, every chapter concludes with a set of questions for formal or self--study. Finally, the book includes extensive supplementing information in a large sample theory in the R programming language that supports early career econometricians interested in the implementation of statistical procedures covered. - Combines advanced theoretical foundations with cutting-edge computational developments in R - Builds from solid foundations, to more sophisticated extensions that are intended to jumpstart research careers in spatial econometrics - Written by two of the most accomplished and extensively published econometricians working in the discipline - Describes fundamental principles intuitively, but without sacrificing rigor - Provides empirical illustrations for many spatial methods across diverse field - Emphasizes a modern treatment of the field using the generalized method of moments (GMM) approach - Explores sophisticated modern research methodologies, including pre-test procedures and Bayesian data analysis