Interest rate, inflation, and housing price: with an emphasis on chonsei price in Korea
"This paper discusses the relationship between interest rate and inflation rate on one part and the house price relative to chonsei price (up-front lump-sum deposit from the tenant to the owner for the use of the property with no additional requirement for periodic rent payments) on the other....
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11054 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | "This paper discusses the relationship between interest rate and inflation rate on one part and the house price relative to chonsei price (up-front lump-sum deposit from the tenant to the owner for the use of the property with no additional requirement for periodic rent payments) on the other. The key point of the paper is that the relative price of sales to chonsei depends on the ratio of inflation to real interest rate, and thus even when the monetary authority maintains a pre-announced target level of inflation rate, the relative price of sales to chonsei rises if the real interest rate is lowered. This finding seems to help understand the recent hikes of the house prices despite the stabilizing chonsei prices. Recognizing this relationship, it may be sensible to lower the target inflation rate in an economy where real interest rates permanently decline, if the society wishes to reduce its adverse effect on the wealth distribution between house owners and chonsei tenants"--National Bureau of Economic Research web site. |
| Physical Description: | 42 S. graph. Darst. |
Staff View
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| id | DE-604.BV019884989 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:08:22Z |
| institution | BVB |
| language | English |
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| physical | 42 S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Cho, Dongchul 1961- Verfasser (DE-588)12979662X aut Interest rate, inflation, and housing price with an emphasis on chonsei price in Korea Dongchul Cho Cambridge, Mass. National Bureau of Economic Research 2005 42 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11054 "This paper discusses the relationship between interest rate and inflation rate on one part and the house price relative to chonsei price (up-front lump-sum deposit from the tenant to the owner for the use of the property with no additional requirement for periodic rent payments) on the other. The key point of the paper is that the relative price of sales to chonsei depends on the ratio of inflation to real interest rate, and thus even when the monetary authority maintains a pre-announced target level of inflation rate, the relative price of sales to chonsei rises if the real interest rate is lowered. This finding seems to help understand the recent hikes of the house prices despite the stabilizing chonsei prices. Recognizing this relationship, it may be sensible to lower the target inflation rate in an economy where real interest rates permanently decline, if the society wishes to reduce its adverse effect on the wealth distribution between house owners and chonsei tenants"--National Bureau of Economic Research web site. Ökonometrisches Modell Housing Prices Korea Econometric models Real property Prices Korea Econometric models Rent charges Korea Econometric models Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11054 (DE-604)BV002801238 11054 http://papers.nber.org/papers/w11054.pdf kostenfrei Volltext |
| spellingShingle | Cho, Dongchul 1961- Interest rate, inflation, and housing price with an emphasis on chonsei price in Korea National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Housing Prices Korea Econometric models Real property Prices Korea Econometric models Rent charges Korea Econometric models |
| title | Interest rate, inflation, and housing price with an emphasis on chonsei price in Korea |
| title_auth | Interest rate, inflation, and housing price with an emphasis on chonsei price in Korea |
| title_exact_search | Interest rate, inflation, and housing price with an emphasis on chonsei price in Korea |
| title_full | Interest rate, inflation, and housing price with an emphasis on chonsei price in Korea Dongchul Cho |
| title_fullStr | Interest rate, inflation, and housing price with an emphasis on chonsei price in Korea Dongchul Cho |
| title_full_unstemmed | Interest rate, inflation, and housing price with an emphasis on chonsei price in Korea Dongchul Cho |
| title_short | Interest rate, inflation, and housing price |
| title_sort | interest rate inflation and housing price with an emphasis on chonsei price in korea |
| title_sub | with an emphasis on chonsei price in Korea |
| topic | Ökonometrisches Modell Housing Prices Korea Econometric models Real property Prices Korea Econometric models Rent charges Korea Econometric models |
| topic_facet | Ökonometrisches Modell Housing Prices Korea Econometric models Real property Prices Korea Econometric models Rent charges Korea Econometric models |
| url | http://papers.nber.org/papers/w11054.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT chodongchul interestrateinflationandhousingpricewithanemphasisonchonseipriceinkorea |