神戸大学金融研究会 Monetary Economics Seminar of Kobe University
日時 (Date&Time) |
2011年4月16日(土)午前10時30分から (Saturday, April 16, 2011, 10:30am~) |
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会場 (Place) |
神戸大学経済経営研究所 会議室(研究所新館2階) RIEB Meeting Room (Annex 2nd floor) |
対象 (Intended Audience) |
基本的に会員制の研究会ですが、非会員で関心のある方の参加も歓迎します。 The seminar is primarily for the workshop members. But non-members are also welcome to attend. |
備考 (Note) |
論文のコピーは開催日当日に会場にご用意いたします。 Copies of the paper will be available on that day of the seminar at meeting place. セミナー参加を希望される方はお手数ですがご氏名、ご所属、ご連絡先(メ-ルアドレス)を開催日の1週間前までに共同研究推進室へご連絡下さい。 If you would like to attend our workshop, please email us at Office of Promoting Research Collaboration your name, affiliation and email address by a week before the workshop. |
10:30am~
報告者 (Speaker) |
渡辺 努 氏 (Tsutomu WATANABE) |
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所属 (Affiliation) |
一橋大学 (Hitotsubashi University) |
論題 (Topic) |
"On the Evolution of the House Price Distribution" |
概要 (Abstract) |
Is the cross-sectional distribution of house prices close to a (log)normal distribution, as is often assumed in empirical studies on house price indexes? How does the distribution evolve over time? To address these questions, we investigate the cross-sectional distribution of house prices in the Greater Tokyo Area. We find that house prices (Pi) are distributed with much fatter tails than a lognormal distribution and that the tail is quite close to that of a power-law distribution. We also find that house sizes (Si) follow an exponential distribution. These findings imply that size-adjusted house prices, defined by lnPi - aSi, should be normally distributed. We nd that this is indeed the case for most of the sample period, but not the bubble era, during which the price distribution has a fat upper tail even after adjusting for size. The bubble was concentrated in particular areas in Tokyo, and this is the source of the fat upper tail. |