| Item type |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2010-08-26 |
| タイトル |
|
|
タイトル |
On the Evolution of the House Price Distribution |
|
言語 |
en |
| 作成者 |
大西, 立顕
| en |
Ohnishi, Takaaki
|
| ja |
大西, 立顕
|
| ja-Kana |
オオニシ, タカアキ
|
|
Canon Institute for Global Studies and University of Tokyo
|
Search repository
水野, 貴之
清水, 千弘
渡辺, 努
|
| 寄与者 |
|
|
寄与者タイプ |
Editor |
|
|
姓名 |
日本経済の物価変動ダイナミクスの解明 = Understanding Inflation Dynamics of the Japanese Economy |
|
|
言語 |
en |
|
|
|
所属機関名 |
Hitotsubashi University |
| アクセス権 |
|
|
アクセス権 |
metadata only access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_14cb |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
house price indexes |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
lognormal distributions |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
power-law distributions |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
fat tails |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
hedonic regression |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
housing bubbles |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
market segmentation |
| 内容記述 |
|
|
内容記述タイプ |
Other |
|
内容記述 |
First draft: April 22, 2010 |
|
言語 |
en |
| 内容記述 |
|
|
内容記述タイプ |
Other |
|
内容記述 |
This version: August 1, 2010 |
| 内容記述 |
|
|
内容記述タイプ |
Other |
|
内容記述 |
We would like to thank Tomoyuki Nakajima, Kiyohiko Nishimura, Misako Takayasu, Hiroshi Yoshikawa, and the participants at the UNECE/ILO meeting on consumer price indices in Geneva for helpful comments and suggestions. This research is a part of the project entitled: Understanding Inflation Dynamics of the Japanese Economy, funded by JSPS Grant-in-Aid for Creative Scientific Research (18GS0101). Ohnishi acknowledges grant from the Ministry of Education, Culture, Sports, Science, and Technology of Japan (Grant-in-Aid for Young Scientists (B) No. 20760053). |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
Is the cross-sectional distribution of house prices close to a (log)normal distribution, as is often assumed in empirical studies on house price indexes? How does it evolve over time? To address these questions, we investigate the cross-sectional distribution of house prices in the Greater Tokyo Area. We find that the price of house i, Pi, is characterized by a distribution with much fatter tails than a lognormal, and the tail part is quite close to that of a power-law distribution. We also find that the size of house i, Si, follows an exponential distribution. These findings imply that the size adjusted price, defined by ln Pi - aSi, is normally distributed. We confirm this for most of the sample period, but fail to do so for the bubble period, during which the price distribution has a fat upper tail even after size adjustment. The bubble was concentrated in particular regions in Tokyo, and this is the source of the fat upper tail. |
| 出版者 |
|
|
出版者 |
Research Center for Price Dynamics, Institute of Economic Research, Hitotsubashi University |
| 日付 |
|
|
日付 |
2010-08-02 |
|
日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
|
|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_18gh |
|
資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
NA |
|
出版タイプResource |
http://purl.org/coar/version/c_be7fb7dd8ff6fe43 |
| 関連情報 |
|
|
関連タイプ |
isPartOf |
|
|
識別子タイプ |
HDL |
|
|
関連識別子 |
http://hdl.handle.net/10086/18654 |
|
|
関連名称 |
This version has been revised. The new version is available at http://hdl.handle.net/10086/18654 |
| 関連情報 |
|
|
関連タイプ |
isReplacedBy |
|
|
識別子タイプ |
URI |
|
|
関連識別子 |
http://www.ier.hit-u.ac.jp/~ifd/ |
|
|
関連名称 |
Working Paper Series ; No. 61 |
| Sponsorship |
|
|
値 |
学術創成研究費 = Grant-in-Aid for Creative Scientific Research |
| JEL |
|
|
値 |
R10 |
| JEL |
|
|
値 |
C16 |
