Estimating Price Rigidities in the Russian Real Estate Markets

Konstantin Styrin () and Oleg Zamulin

No w0026, Working Papers from Center for Economic and Financial Research (CEFIR)

Abstract: Behavior of apartment prices in the Russian cities following the ruble devaluation in August 1998 dffered markedly in different cities. In cities, where prices were denominated in dollars, they fell slowly over time. In cities, where apartments were priced in rubles, the dollarequivalents fell rapidly with the exchange rate, stayed low for two to three years, and then recovered rapidly when economy picked up. Such behavior is found to be consistent with a sticky-price model with backward-looking agents. Sticky information model finds less support. Finally, such behavior of prices is not consistent with forward-looking agents or exible prices.

Pages: 13 pages
Date: 2003-01
New Economics Papers: this item is included in nep-ifn, nep-tra and nep-ure
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Related works:
Working Paper: Estimating Price Rigidities in the Russian Real Estate Markets (2003)
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