The RPPI Handbook Project Bert M. Balk Statistics Netherlands and Rotterdam School of Management Erasmus University UNECE/ILO Meeting on CPI, Geneva, 10-12.

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PRESENTATION OF MONTENEGRO

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The RPPI Handbook Project Bert M. Balk Statistics Netherlands and Rotterdam School of Management Erasmus University UNECE/ILO Meeting on CPI, Geneva, May 2010

Funding This project is funded by Eurostat, under the auspices of the Intersecretariat Working Group on Price Statistics, and executed by Statistics Netherlands.

Context International Manuals/Handbooks: – Consumer Price Index Manual (ILO) – Producer Price Index Manual (IMF) – Export and Import Price Index Manual (IMF) – Measuring Capital (OECD) – Measuring Productivity (OECD) – …

Important uses of RPPIs – Economic analysis (relating RPPIs to fundamentals, detection of bubbles, etc.) – Risk management by mortgage providers – Indicator of Financial Soundness (IMF/BIS) – Principal European Economic Indicator (Eurostat) – Wealth measurement (National Accounts, international comparison) – Measurement of dwelling services (CPI)

Residential Property Price Index Overall target of measurement: Value change of RP stock. Various subsidiary targets. Main problems: – Universe (RP stock) changes by addition, removal, depreciation, renovation – Prices only observed for transactions – Observed prices registered at different dates – Including or excluding land – Seasonal adjustment or not

Main methods – Comparing (stratified) central location measures of transaction prices – Comparing repeat sales transaction prices – Comparing transaction prices to assessment (appraisal) prices – Hedonic regression method Ideally each method should be able to – account for depreciation and renovation, – make the land-structure split.

Data sources – Official registers – Mortgage companies / banks – Organisations of real estate agents – Surveys by NSOs

Tentative contents + progress ChapterFirst draftFinal draft 1. Preface 2. Introduction 3. Uses √ 4. Conceptual elements √ 5. Methods √ 6. Data sources √ 7. Catalogue of available indices + some cases √ 8. Recommendations 9. Glossary + index 10. Annex: Examples

Timing of activities May 2009Start Nov 2009Eurostat-IAOS-IFC Basel conference: presentation of project and gathering of user needs May 2010UNECE/ILO CPI Meeting: First partial drafts available Sept 2010Second draft available Feb 2011RPPI Workshop: Third draft available May 2011Final draft

Team Bert M. Balk – Statistics Netherlands; Rotterdam School of Management, Erasmus University Jan de Haan – Statistics Netherlands W. Erwin Diewert – University of British Columbia Marc Prud’homme – Statistics Canada; University of Ottawa David Fenwick - consultant

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