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Real Estate Price Inflation, Monetary Policy, and Expectations in the United States and Japan

Author

Listed:
  • Hossein Samiei
  • Mr. Garry J. Schinasi

Abstract

During the mid- to late 1980s, inflationary pressures were highly concentrated in asset markets in many industrial countries. This paper discusses why this may have occurred and then develops a forward-looking supply and demand model of the real estate market in which equilibrium prices depend on price expectations, monetary conditions, income, returns to alternative assets, and construction costs. In this model, the current equilibrium price is determined by expectations formed in different time periods by consumers and producers. The model and its more generalized dynamic specifications are estimated by maximum-likelihood methods. The empirical results do not reject the view that the relationship between real estate values and monetary policy was altered in 1980s.

Suggested Citation

  • Hossein Samiei & Mr. Garry J. Schinasi, 1994. "Real Estate Price Inflation, Monetary Policy, and Expectations in the United States and Japan," IMF Working Papers 1994/012, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1994/012
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    Cited by:

    1. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "Real Estate Brokerage and the Hosting Market: An Annotated Bibliography," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 217-278.
    2. John D. Benjamin & G. Donald Jud & G. Stacy Sirmans, 2000. "What Do We Know About Real Estate Brokerage?," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 5-30.
    3. Mr. Paul Louis Ceriel Hilbers & Ms. Lisbeth S Zacho & Mr. Qin Lei, 2001. "Real Estate Market Developments and Financal Sector Soundness," IMF Working Papers 2001/129, International Monetary Fund.

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