There exist many different public indices which all purport to measure in some way changes in value in property markets.The primary purpose of this paper is to discuss what the various index methods actually represent, the significantly different results they can give and their successes or...

Transaction-price residential (house) and commercial property price indexes (RPPIs and CPPIs) have inherent problems of sparse data on heterogeneous properties, more so CPPIs. In an attempt to control for heterogeneity, (repeat-sales and hedonic) panel data regression frameworks are typically...

This study has adopted the actual household expenditure data from the national accountstoconstruct a true inflation rate (using the Fisher index) and found that the official inflationrateinthe 33 OECD countries was an overestimate of true inflation for 22 and underestimate in11countries in the...

The Harmonised Index of Consumer Prices (HICP) co-exists with the national Consumer Price Index (CPI) as a key measure of inflation in Germany. Both indices are based on the same granular price data and uniform compilation methods at the lower levels of aggregation. However, differences arise at...

The inflation rate is normally computed as a weighted average of individual price changes. Alternatively, this rate could be evaluated by comparing average price levels. Unfortunately, this methodology has received limited attention in past research. This study attempts to remedy this situation...

Textbooks of macroeconomics regularly remind their readers that they should not interpret the macroeconomic price variable as some sort of average price. Instead it represents some price index indicating the average of the individual items' price changes between the period considered and some...

The increasing availability of geospatial data (i.e., exact longitudes and latitudes for each house) has the potential to improve the quality of house price indexes. It is not clear though how best to use this information. We show how geospatial data can be included as a nonparametric spline...

Hedonic regressions are used for residential property price index (RPPI) measurement to control for changes in the quality-mix of properties transacted. This paper consolidates the confusing array of existing approaches and methods of implementation. It further develops an innovative form of...

This paper reviews the main properties of mixed-form (price) indices, in other words, chained indices which in real time behave as direct (fixed-base) indices. The European Union HICP is used as demonstration material.

The availability of large transaction level datasets, such as retail scanner data, provides a wealth of information on prices and quantities that national statistical institutes can use to produce more accurate, timely, measures of inflation. However, there is no universally agreed upon method...