Econometric Approach of Residential Rents Regidity

• 清水 千弘

• Shimizu Chihiro

Bibliographic Information

Other Title

• 住宅賃料の粘着性の計測 --住宅市場の変動とマクロ経済政策への応用--
• ジュウタクチンリョウ ノ ネンチャクセイ ノ ケイソク ジュウタク シジョウ ノ ヘンドウ ト マクロ ケイザイ セイサク エ ノ オウヨウ

Abstract

We take advantage of a panel data of housing rents for the period of 1986 to 2006 which we have compiled from 720, 000 listings in the widely-circulated housing advertisement magazine.First, we find that the probability of rent adjustment does not depend on the deviation of actual rent from its target level. We also find a flat hazard function at least for durations less than 400 weeks. These results suggest that the rent adjustment obeys a Poisson process. Second, the Calvo parameter is estimated to be 0. 97, indicating that the probability of the rent adjustment occurs is 3 percent per quarter, much lower than the estimate for other goods and services.Third, we find that estimates for the inflation rate during the bubble and the post-bubble periods are sensitive to a change in the treatment of the imputed rent for owner occupied housing.

Journal

• 麗澤経済研究

  麗澤経済研究 17 (1), 29-50, 2009-03-10

  麗澤大学経済学会

Keywords

• Hedonic Price Index
• CPI (Consumer Price Index)
• Sticky Price
• Time Depended Pricing
• Frequency of Price Change
• Calvo Model

Details

• CRID: 1390572174293160576
• NII Article ID: 120004739077
• NII Book ID: AN10404499
• DOI: 10.18901/00000154
• NDL BIB ID: 10263107
• ISSN: 09196706
• Web Site: https://reitaku.repo.nii.ac.jp/records/168
• Web Site: https://ndlsearch.ndl.go.jp/books/R000000004-I10263107
• Text Lang: ja
• Data Source:
  • JaLC
  • IRDB
  • NDL
  • CiNii Articles
  • KAKEN
• Abstract License Flag: Allowed