| 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 |
2017-05-20 |
| タイトル |
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|
タイトル |
Residential Rents and Price Rigidity: Micro Structure and Macro Consequences |
|
言語 |
en |
| 作成者 |
清水, 千弘
西村, 清彦
| en |
Nishimura, Kiyohiko G.
University of Tokyo
|
| ja |
西村, 清彦
|
| ja-Kana |
ニシムラ, キヨヒコ
|
Search repository
渡辺, 努
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| 寄与者 |
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寄与者タイプ |
Editor |
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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 |
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言語 |
en |
| アクセス権 |
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アクセス権 |
open access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 主題 |
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|
主題Scheme |
Other |
|
主題 |
housing rents |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
price stickiness |
| 主題 |
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|
主題Scheme |
Other |
|
主題 |
time dependent pricing |
| 主題 |
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|
主題Scheme |
Other |
|
主題 |
state dependent pricing |
| 主題 |
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|
主題Scheme |
Other |
|
主題 |
adjustment hazard |
| 内容記述 |
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内容記述タイプ |
Other |
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内容記述 |
November 30, 2008 |
|
言語 |
en |
| 内容記述 |
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|
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 reponse 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. |
| 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 |
2008-12-02 |
|
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 |
|
資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 関連情報 |
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|
関連タイプ |
isPartOf |
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関連名称 |
Working Paper Series ; No. 29 |
| 関連情報 |
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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/ |
| Sponsorship |
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|
値 |
日本学術振興会・科学研究費補助金（学術創成研究費） = JSPS Grant-in-Aid for Creative Scientific Research |
| JEL |
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|
値 |
E30 |
| JEL |
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|
値 |
R20 |
IFD_WP29.pdf (243222 bytes)
