Measuring housing services inflation

Theodore M. Crone, Leonard Nakamura and Richard Voith

No 99-9, Working Papers from Federal Reserve Bank of Philadelphia

Abstract: Recent papers have questioned the accuracy of the Bureau of Labor Statistics' methodology for measuring implicit rents for owner-occupied housing. The authors propose cross-checking the BLS statistics by using data on owner-occupied and rental housing from the American Housing Survey. A hedonic approach that explicitly calculates capitalization rates appears to be a feasible one for developing a methodologically consistent measure of the rental cost of owner-occupied housing.

Keywords: Consumer price indexes; Housing (search for similar items in EconPapers)
Date: 1999
New Economics Papers: this item is included in nep-mon
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Working Paper: Measuring housing services inflation (1998)
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