期刊名称：Discussion Papers / School of Business, University of New South Wales
出版年度：2008
卷号：2008
出版社：Sydney
摘要：We propose a exible hedonic methodology for computing house price indexes that uses
multiple imputation (MI) to account for missing data (a huge problem in housing data
sets). Ours is the rst study to use MI in this context. We also allow for spatial correlation,
include interaction terms between characteristics, between regions and periods,
and between regions and characteristics, and break the regressions up into overlapping
blocks of ve consecutive periods (quarters in our case). These features ensure that
the shadow prices are exible both across regions and time. This exible structure
makes the derivation of price indexes from the estimated regression equations far from
straightforward. We develop innovative methods for resolving this problem and for
splicing the overlapping blocks together to generate the overall panel results. We then
use our methodology to construct temporal and spatial price indexes for 15 regions in
Sydney, Australia on a quarterly basis from 2001 to 2006 and combine them to obtain
an overall price index for Sydney. Our hedonic indexes di
er quite signi cantly from
the ocial index for Sydney published by the Australian Bureau of Statistics. We also
nd clear evidence of convergence in prices across regions from 2001-3 (while prices were
rising), and divergence thereafter. We conclude by exploring some of the implications
of these empirical ndings
