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How to better measure hedonic residential property price indexes
Silver, Mick S. - 2016
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)...
Persistent link: https://www.econbiz.de/10011715547
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The measurement of external accounts
Adler, Gustavo; Garcia-Macia, Daniel; Krogstrup, Signe - 2019
Growing international integration in trade and finance can challenge the measurement of external accounts. This paper presents a unified conceptual framework for identifying sources of mismeasurement of foreign investment income in current account balances. The framework allows to derive a...
Persistent link: https://www.econbiz.de/10012102053
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External Tariff Liberalization in Caricom : A Commodity-Level Analysis
Sadikov, Azim M. - 2008
This paper estimates the impact of the tariff liberalization in four largest CARICOM countries (Barbados, Guyana, Jamaica, and Trinidad and Tobago) on their trade flows. I trace changes in the product-line imports from CARICOM and non-CARICOM countries against time and commodity-level variation...
Persistent link: https://www.econbiz.de/10014401756
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Banks As Coordinators of Economic Growth
Ueda, Kenichi - 2006
This paper formally identifies an important role of banks: Banks competitively internalize production externalities and … facilitate economic growth. I formulate a canonical growth model with externalities as a game among consumers, firms, and banks …. Banks compete for deposits to seek monopoly profits, including externalities. Using loan contracts that specify price and …
Persistent link: https://www.econbiz.de/10014399670
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Externalities. Incentives, and Economic Reforms
International Monetary Fund - 1990
The paper emphasizes the role of institutions and incentives in the presence of externalities. An economy with multiple …
Persistent link: https://www.econbiz.de/10014396155
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Vertical Tax Externalities in the Theory of Fiscal Federalism
Keen, Michael - 1997
Vertical tax externalities between levels of government can occur in federal structures, with responses to the tax … governments co-occupy the same tax base. This paper examines these externalities by considering their implications for a range of …
Persistent link: https://www.econbiz.de/10014403318
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The costs of macroprudential deleveraging in a liquidity trap
Chen, Jiaqian; Finocchiaro, Daria; Lindé, Jesper; … - 2020
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...
Persistent link: https://www.econbiz.de/10012251966
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Fundamental and speculative demands for housing
Lian, Weicheng - 2019
This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine...
Persistent link: https://www.econbiz.de/10012009613
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Monetary Policy and Asset Prices : Does ""Benign Neglect"" Make Sense?
Jeanne, Olivier - 2002
The link between monetary policy and asset price movements has been of perennial interest to policymakers. In this paper, we consider the potential case for preemptive monetary restrictions when asset price reversals can have serious effects on real output. First, we present some stylized facts...
Persistent link: https://www.econbiz.de/10014401453
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Hedonic Imputation Versus Time Dummy Hedonic Indexes
Diewert, W. E. - 2007
Statistical offices try to match item models when measuring inflation between two periods. However, for product areas with a high turnover of differentiated models, the use of hedonic indexes is more appropriate since they include unmatched new and old models. There are two main competing...
Persistent link: https://www.econbiz.de/10014400890