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House Price Dispersion in Boom‐Bust Cycles : Evidence from Tokyo
http://hdl.handle.net/2261/00077199
http://hdl.handle.net/2261/00077199de30cfef-50b1-432d-9a4c-aecb66843003
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
cb-wp008.pdf (3.6 MB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2019-07-01 | |||||
| タイトル | ||||||
| タイトル | House Price Dispersion in Boom‐Bust Cycles : Evidence from Tokyo | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | housing bubbles | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | anomaly detection | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | lognormal distributions | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | power-law tail | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | hedonic models | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | market segmentation | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | submarkets | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
Ohnishi, Takaaki
× Ohnishi, Takaaki× Mizuno, Takayuki× Watanabe, Tsutomu |
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| 著者所属 | ||||||
| 著者所属 | Graduate School of Information Science and Technology, University of Tokyo | |||||
| 著者所属 | ||||||
| 著者所属 | National Institute of Informatics | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | We investigate the cross-sectional distribution of house prices in the Greater Tokyo Area for the period 1986 to 2009. We find that size-adjusted house prices follow a lognormal distribution except for the period of the housing bubble and its collapse in Tokyo, for which the price distribution has a substantially heavier upper tail than that of a lognormal distribution. We also find that, during the bubble era, sharp price movements were concentrated in particular areas, and this spatial heterogeneity is the source of the fat upper tail. These findings suggest that, during a bubble, prices increase markedly for certain properties but to a much lesser extent for other properties, leading to an increase in price inequality across properties. In other words, the defining property of real estate bubbles is not the rapid price hike itself but an increase in price dispersion. We argue that the shape of cross-sectional house price distributions may contain information useful for the detection of housing bubbles. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | Publisher's another name: JSPS Grants-in-Aid for Scientific Research (S) Central Bank Communication Design | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | JEL Classification Numbers: R10; R30; C46 | |||||
| 書誌情報 |
Working Papers on Central Bank Communication 巻 008, 発行日 2019-06-29 |
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| 著者版フラグ | ||||||
| 値 | publisher | |||||
| 出版者 | ||||||
| 出版者 | Research Project on Central Bank Communication | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.centralbank.e.u-tokyo.ac.jp/en/category/research-data/ | |||||
