Monitoring property price dynamics is a necessary task for central banks in order to maintain financial stability in the economy. Big data offers potential as a new source of data that might be used to produce official statistics on property. In this paper, we develop an alternative residential...

Age, time and vintage are key determinants of house prices, yet they cannot be included together linearly or as dichotomous variables in hedonic regressions as construction time plus age of house = sale time. We introduce a method where the estimates of the age, time and vintage effects on...

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)...

Departures of the housing market from equilibrium can be detected by comparing the actual price-rent ratio with the user cost of owner occupying. Empirical implementation of this idea, however, is problematic for two reasons. First, the price-rent ratio needs to be quality adjusted. Second, the...

We propose a flexible hedonic methodology for computing house price indexes that uses multiple imputation (MI) to account for missing data (a huge problem in housing data sets). Ours is the first study to use MI in this context. We also allow for spatial correlation, include interaction terms...

This paper studies the fundamentals of the aggregation problem. The concept is most central in understanding the relations between micro and macroeconomics. Though aggregation is mentioned often it is not studied explicitly in this generality - only some special cases are governed so far. The...

This paper is divided into two parts which deal with closely connected issues, The first section of the paper explores the structure of consumer demand systems necessary and sufficient for exact aggregation. The second section addresses a related empirical question: what, if anything, do the...

How is econometric analysis (of partial adjustment models) affected by the fact that, while data collection is done at regular, fixed intervals of time, economic decisions are made at random intervals of time? This paper addresses this question by modelling the economic decision making process...

This work focuses on the development of house price indices for Nigeria, and the estimates of the Nigerian Residential Property Price Indices on housing characteristics are presented. Four main methods of index construction were considered, these are hedonic regression, repeat-sales,...

Concerns about global warming and growing scarcity of fossile fuels require substantial changes in energy consumption patterns and energy systems, as targeted by many countries around the world. One key element to achieve such transformation is to increase energy efficiency of the housing stock....