• Login
    View Item 
    •   Home
    • Theses and Dissertations
    • Theses and Dissertations
    • View Item
    •   Home
    • Theses and Dissertations
    • Theses and Dissertations
    • View Item
    JavaScript is disabled for your browser. Some features of this site may not work without it.

    Browse

    All of TUScholarShareCommunitiesDateAuthorsTitlesSubjectsGenresThis CollectionDateAuthorsTitlesSubjectsGenres

    My Account

    LoginRegister

    Help

    AboutPeoplePoliciesHelp for DepositorsData DepositFAQs

    Statistics

    Most Popular ItemsStatistics by CountryMost Popular Authors

    Sticky Rents and the CPI for Owner-Occupied Housing

    • CSV
    • RefMan
    • EndNote
    • BibTex
    • RefWorks
    Thumbnail
    Name:
    Ozimek_temple_0225E_11554.pdf
    Size:
    2.099Mb
    Format:
    PDF
    Download
    Genre
    Thesis/Dissertation
    Date
    2013
    Author
    Ozimek, Adam
    Advisor
    Ritter, Moritz B.
    Committee member
    Dunkelberg, William C.
    Huffman, Forrest
    Voith, Richard
    Department
    Economics
    Subject
    Economics
    Cost of Living
    Cpi
    Nominal Rigidity
    Owners' Equivalent Rent
    Repeat-rent
    Permanent link to this record
    http://hdl.handle.net/20.500.12613/2061
    
    Metadata
    Show full item record
    DOI
    http://dx.doi.org/10.34944/dspace/2043
    Abstract
    This dissertation examines the implications of sticky rents on the measurement of owner-occupied housing in the Consumer Price Index (CPI). I argue that marginal and not average rents are the most theoretically justified measurement of owners' equivalent rent (OER), and that the current measurement of rental inflation using average rents is methodologically incorrect. I then discuss the literature on sticky rents and tenure discounts and present a theoretical model showing the implications of sticky rents for aggregate measures of inflation. Then I use two new data sources to construct marginal rent measures to compare to average rent measures. The results show that marginal rents reflect market turning points sooner, and show a larger post- housing bubble decline in rents. In addition, marginal rents are shown to forecast overall inflation better than average rents. Finally, the implications of these results for policy are considered using the Taylor Rule for optimal monetary policy. The results present suggestive evidence that the impacts of switching to marginal rents may be large enough to significantly impact monetary policy and allow the Federal Reserve to be more responsive to both the boom and bust of housing bubbles.
    ADA compliance
    For Americans with Disabilities Act (ADA) accommodation, including help with reading this content, please contact scholarshare@temple.edu
    Collections
    Theses and Dissertations

    entitlement

     
    DSpace software (copyright © 2002 - 2023)  DuraSpace
    Temple University Libraries | 1900 N. 13th Street | Philadelphia, PA 19122
    (215) 204-8212 | scholarshare@temple.edu
    Open Repository is a service operated by 
    Atmire NV
     

    Export search results

    The export option will allow you to export the current search results of the entered query to a file. Different formats are available for download. To export the items, click on the button corresponding with the preferred download format.

    By default, clicking on the export buttons will result in a download of the allowed maximum amount of items.

    To select a subset of the search results, click "Selective Export" button and make a selection of the items you want to export. The amount of items that can be exported at once is similarly restricted as the full export.

    After making a selection, click one of the export format buttons. The amount of items that will be exported is indicated in the bubble next to export format.