Decompositions of Spatially Varying Quantile Distribution Estimates: The Rise and Fall of Tokyo House Prices

Daniel McMillen () and Chihiro Shimizu

No 74, HIT-REFINED Working Paper Series from Institute of Economic Research, Hitotsubashi University

Abstract: We extend Machado-Mata’s (2005) approach for decomposing the differences in the distribution of a dependent variable across two samples to account for location when the models are estimated using conditional parametric procedures. We find that a substantial portion of the change in the distribution of condominium prices in Tokyo between the rapid rise in prices in 1986 – 1990 and the sharp decline in 1991 – 1995 is due to changes in the values of the explanatory variables. Changes in the locations of sales serve to shift the price distribution to the left because later sales were more likely to be farther from downtown Tokyo, where prices are lower.

Keywords: Conditionally parametric; quantile regression; decomposition (search for similar items in EconPapers)
JEL-codes: C14 C18 R30 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2017-12
New Economics Papers: this item is included in nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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