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The RPPI Handbook Project

The RPPI Handbook Project. Bert M. Balk Statistics Netherlands and Rotterdam School of Management Erasmus University UNECE/ILO Meeting on CPI, Geneva, 10-12 May 2010. Funding. This project is funded by Eurostat,

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The RPPI Handbook Project

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  1. The RPPI Handbook Project Bert M. Balk Statistics Netherlands and Rotterdam School of Management Erasmus University UNECE/ILO Meeting on CPI, Geneva, 10-12 May 2010

  2. Funding • This project is • funded by Eurostat, • under the auspices of the Intersecretariat Working Group on Price Statistics, • and executed by Statistics Netherlands.

  3. Context • International Manuals/Handbooks: • Consumer Price Index Manual (ILO) • Producer Price Index Manual (IMF) • Export and Import Price Index Manual (IMF) • Measuring Capital (OECD) • Measuring Productivity (OECD) • …

  4. Important uses of RPPIs • Economic analysis (relating RPPIs to fundamentals, detection of bubbles, etc.) • Risk management by mortgage providers • Indicator of Financial Soundness (IMF/BIS) • Principal European Economic Indicator (Eurostat) • Wealth measurement (National Accounts, international comparison) • Measurement of dwelling services (CPI)

  5. Residential Property Price Index • Overall target of measurement: Value change of RP stock. • Various subsidiary targets. • Main problems: • Universe (RP stock) changes by addition, removal, depreciation, renovation • Prices only observed for transactions • Observed prices registered at different dates • Including or excluding land • Seasonal adjustment or not

  6. Main methods • Comparing (stratified) central location measures of transaction prices • Comparing repeat sales transaction prices • Comparing transaction prices to assessment (appraisal) prices • Hedonic regression method • Ideally each method should be able to • account for depreciation and renovation, • make the land-structure split.

  7. Data sources • Official registers • Mortgage companies / banks • Organisations of real estate agents • Surveys by NSOs

  8. Tentative contents + progress

  9. Timing of activities • May 2009 Start • Nov 2009 Eurostat-IAOS-IFC Basel conference: presentation of project and gathering of user needs • May 2010 UNECE/ILO CPI Meeting: First partial drafts available • Sept 2010 Second draft available • Feb 2011 RPPI Workshop: Third draft available • May 2011 Final draft

  10. Team • Bert M. Balk – Statistics Netherlands; Rotterdam School of Management, Erasmus University • Jan de Haan – Statistics Netherlands • W. Erwin Diewert – University of British Columbia • Marc Prud’homme – Statistics Canada; University of Ottawa • David Fenwick - consultant

  11. Contact • bbalk@rsm.nl

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