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Detecting Real Estate Bubbles: A New Approach Based on the Cross-Sectional Dispersion of Property Prices
http://hdl.handle.net/2261/53613
http://hdl.handle.net/2261/536131730e3e6-7d81-4d57-aa4a-dd3473322bb7
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
wp006.pdf (1.1 MB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2015-05-11 | |||||
| タイトル | ||||||
| タイトル | Detecting Real Estate Bubbles: A New Approach Based on the Cross-Sectional Dispersion of Property Prices | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL Classification Numbers: R10; C16 | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | house price indexes | |||||
| 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 distributions | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | fat tails | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | hedonic regression | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | housing bubbles | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | market segmentation | |||||
| 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× Shimizu, Chihiro× Watanabe, Tsutomu |
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| 著者所属 | ||||||
| 著者所属 | Canon Institute for Global Studies | |||||
| 著者所属 | ||||||
| 著者所属 | University of Tokyo | |||||
| 著者所属 | ||||||
| 著者所属 | National Institute of Informatics | |||||
| 著者所属 | ||||||
| 著者所属 | Reitaku University | |||||
| 著者所属 | ||||||
| 著者所属 | Graduate School of Economics, University of Tokyo | |||||
| 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 right 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 period, prices go up prominently for particular properties, but not so much for other properties, and as a result, price inequality across properties increases. 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 | 2012～2016年度科学研究費補助金[基盤研究(S)]「長期デフレの解明」(研究代表者 東京大学経済学研究科・渡辺努, 課題番号：24223003) | |||||
| 書誌情報 |
JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series 巻 006, 発行日 2013-04 |
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| 出版者 | ||||||
| 出版者 | UTokyo Price Project | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.price.e.u-tokyo.ac.jp/researchdata/ | |||||
| 異版あり | ||||||
| 関連タイプ | hasVersion | |||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.carf.e.u-tokyo.ac.jp/workingpaper/F313.html | |||||
