House Prices and Inflation in the Euro Area:
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 h...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2005
|
| Schriftenreihe: | OECD Economics Department Working Papers
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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) |
| Beschreibung: | 1 Online-Ressource (19 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/037842735074 |
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| spelling | Cournède, Boris Verfasser aut House Prices and Inflation in the Euro Area Boris Cournède = Prix des logements et inflation dans la zone euro / Boris Cournède Prix des logements et inflation dans la zone euro Paris OECD Publishing 2005 1 Online-Ressource (19 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers 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) Economics Euro Area https://doi.org/10.1787/037842735074 Verlag kostenfrei Volltext |
| spellingShingle | Cournède, Boris House Prices and Inflation in the Euro Area Economics Euro Area |
| title | House Prices and Inflation in the Euro Area |
| title_alt | Prix des logements et inflation dans la zone euro |
| title_auth | House Prices and Inflation in the Euro Area |
| title_exact_search | House Prices and Inflation in the Euro Area |
| title_exact_search_txtP | House Prices and Inflation in the Euro Area |
| title_full | House Prices and Inflation in the Euro Area Boris Cournède = Prix des logements et inflation dans la zone euro / Boris Cournède |
| title_fullStr | House Prices and Inflation in the Euro Area Boris Cournède = Prix des logements et inflation dans la zone euro / Boris Cournède |
| title_full_unstemmed | House Prices and Inflation in the Euro Area Boris Cournède = Prix des logements et inflation dans la zone euro / Boris Cournède |
| title_short | House Prices and Inflation in the Euro Area |
| title_sort | house prices and inflation in the euro area |
| topic | Economics Euro Area |
| topic_facet | Economics Euro Area |
| url | https://doi.org/10.1787/037842735074 |
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