| アイテムタイプ |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2010-05-19 |
| タイトル |
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|
タイトル |
Structural and Temporal Changes in the Housing Market and Hedonic Housing Price Indices |
|
言語 |
en |
| 作成者 |
清水, 千弘
高辻, 秀興
| en |
Takatsuji, Hideoki
Reitaku University
|
| ja |
高辻, 秀興
|
| ja-Kana |
タカツジ, ヒデオキ
|
Search repository
小野, 宏哉
西村, 清彦
| en |
Nishimura, Kiyohiko G.
Bank of Japan
|
| ja |
西村, 清彦
|
| ja-Kana |
ニシムラ, キヨヒコ
|
Search repository
|
| アクセス権 |
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|
アクセス権 |
metadata only access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_14cb |
| 主題 |
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|
主題Scheme |
Other |
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主題 |
structural change |
| 主題 |
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|
主題Scheme |
Other |
|
主題 |
seasonal sample selection bias |
| 主題 |
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|
主題Scheme |
Other |
|
主題 |
(un)restricted hedonic model |
| 主題 |
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主題Scheme |
Other |
|
主題 |
overlapping-period hedonic model |
| 内容記述 |
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内容記述タイプ |
Other |
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内容記述 |
February 1, 2010 |
|
言語 |
en |
| 内容記述 |
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内容記述タイプ |
Abstract |
|
内容記述 |
An economic indicator faces two requirements. It should be timely reported and should not significantly be altered afterward to avoid erroneous messages. At the same time they should reflect changing market conditions constantly and appropriately. These requirements are particularly challenging for housing price indices, since housing markets are subject to large temporal/seasonal changes and occasional structural changes. In this study we estimate a hedonic price index of previously-owned condominiums of Tokyo 23 Wards from 1986 through 2006, taking account of seasonal sample selection biases and structural changes in a way it enables us to report the indexes timely which are not subject to change after reporting. Specifically, we propose an overlapping-period hedonic model (OPHM), in which a hedonic price index is calculated every month based on data in the "window" of a year ending this month (this month and previous eleven months). We also estimate hedonic housing price indexes under alternative assumptions: (i) no structural change ("structurally restricted") and (ii) different structure for every moth ("structurally unrestricted"). Results suggest that the structure of the housing market, including seasonality, changes over time, and these changes occur continuously over time. It is also demonstrated that structurally restricted indices that do not account for structural changes involve a large time lag compared with indices that do account for structural changes during periods with significant price fluctuations. |
| 出版者 |
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|
出版者 |
Research Center for Price Dynamics, Institute of Economic Research, Hitotsubashi University |
| 日付 |
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|
日付 |
2010-02-08 |
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日付タイプ |
Issued |
| 言語 |
|
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言語 |
eng |
| 資源タイプ |
|
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資源タイプ識別子 |
http://purl.org/coar/resource_type/c_18gh |
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資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
NA |
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出版タイプResource |
http://purl.org/coar/version/c_be7fb7dd8ff6fe43 |
| 関連情報 |
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|
関連タイプ |
isPartOf |
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|
識別子タイプ |
HDL |
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関連識別子 |
http://hdl.handle.net/10086/18511 |
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関連名称 |
This version has been revised. The new version is available at http://hdl.handle.net/10086/18511. |
| 関連情報 |
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関連タイプ |
isReplacedBy |
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識別子タイプ |
URI |
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|
関連識別子 |
http://www.ier.hit-u.ac.jp/~ifd/ |
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|
関連名称 |
Working Paper Series ; No. 52 |
| JEL |
|
|
値 |
C43 |
| JEL |
|
|
値 |
C81 |
| JEL |
|
|
値 |
R21 |
| JEL |
|
|
値 |
R31 |
