The Resource House Prices and Inflation in the Euro Area, Boris Cournède, (electronic resource)

House Prices and Inflation in the Euro Area, Boris Cournède, (electronic resource)

Label
House Prices and Inflation in the Euro Area
Title
House Prices and Inflation in the Euro Area
Statement of responsibility
Boris Cournède
Creator
Subject
Language
eng
Summary
The inflation measure used by the European Central Bank excludes housing costs that are borne by home owners even though they make up more than a tenth of household final consumption expenditure in the euro area. Has the exclusion of owner-occupied housing costs driven a wedge between the official harmonised index of consumer prices (HICP) and the cost of living? To answer this question, a measure of the user cost of housing capital has been constructed for every euro area country (except Luxembourg). User costs are measured taking into account property taxes but net of tax breaks that home owners enjoy on mortgage repayments. The user cost measure is combined with the HICP to derive a "broad" inflation estimate. For the sake of comparison, an alternative estimate has been put together using imputed rents. The main conclusion is that owner-occupied housing costs have an impact. Another important conclusion is that the effect of owner-occupied housing costs on inflation varies noticeably with the method used to incorporate them into the price index. The paper finally discusses the choice of the method from the point of view of economic policy makers. "This Working Paper relates to the 2005 OECD Economic Survey of Euro Area (www.oecd.org/eco/surveys/Euroarea)"
Member of
Cataloging source
FR-PaOEC
http://library.link/vocab/creatorName
Cournede, Boris
Government publication
international or intergovernmental publication
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
Series statement
OECD Economics Department Working Papers,
Series volume
no.450
http://library.link/vocab/subjectName
  • Economics
  • Euro Area
Label
House Prices and Inflation in the Euro Area, Boris Cournède, (electronic resource)
Instantiates
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
762081002
Dimensions
21 x 30 cm
Extent
1 online resource 20 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/037842735074
Specific material designation
remote
System control number
(OCoLC)762081002
Label
House Prices and Inflation in the Euro Area, Boris Cournède, (electronic resource)
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
762081002
Dimensions
21 x 30 cm
Extent
1 online resource 20 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/037842735074
Specific material designation
remote
System control number
(OCoLC)762081002

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