A comprehensive method for house price sustainability assessment in the Czech Republic

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F17%3A10360468" target="_blank" >RIV/00216208:11230/17:10360468 - isvavai.cz</a>

Nalezeny alternativní kódy

RIV/61989100:27510/17:10238160

Výsledek na webu

<a href="http://dx.doi.org/10.18267/j.pep.613" target="_blank" >http://dx.doi.org/10.18267/j.pep.613</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.18267/j.pep.613" target="_blank" >10.18267/j.pep.613</a>

Jazyk výsledku

angličtina

Název v původním jazyce

A comprehensive method for house price sustainability assessment in the Czech Republic

Popis výsledku v původním jazyce

The article describes approach proposed for the house price equilibrium assessment in the Czech Republic. It first explains why it is necessary to use multiple models simultaneously to correctly assess house price sustainability. It goes on to describe individual models proposed to estimate house price misalignment in the Czech Republic. Results given by these individual models are consonant in identifying periods of over-and undervaluation of house prices but slightly differ in the amplitude of the gaps. A method for aggregating the estimates produced by those approaches is then presented. It works on the premise that more correlated estimates may be evidence of a strong signal, while less correlated estimates may, on the other hand, bring additional information to the house price assessment. By using two sets of weights, it presents an interval of supposed under-or overvaluation of house prices. This method indicates that Czech house prices were roughly at their equilibrium level in mid-2014 following an extended period of slight undervaluation since the mid-2009. It also proves robust to the length of the sample used.

Název v anglickém jazyce

A comprehensive method for house price sustainability assessment in the Czech Republic

Popis výsledku anglicky

The article describes approach proposed for the house price equilibrium assessment in the Czech Republic. It first explains why it is necessary to use multiple models simultaneously to correctly assess house price sustainability. It goes on to describe individual models proposed to estimate house price misalignment in the Czech Republic. Results given by these individual models are consonant in identifying periods of over-and undervaluation of house prices but slightly differ in the amplitude of the gaps. A method for aggregating the estimates produced by those approaches is then presented. It works on the premise that more correlated estimates may be evidence of a strong signal, while less correlated estimates may, on the other hand, bring additional information to the house price assessment. By using two sets of weights, it presents an interval of supposed under-or overvaluation of house prices. This method indicates that Czech house prices were roughly at their equilibrium level in mid-2014 following an extended period of slight undervaluation since the mid-2009. It also proves robust to the length of the sample used.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50201 - Economic Theory

Projekt

<a href="/cs/project/GA13-06229S" target="_blank" >GA13-06229S: Mezinárodní přenos šoků v rámci makrofinančních vazeb</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2017

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Prague Economic Papers

ISSN

1210-0455

e-ISSN

—

Svazek periodika

23

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

17

Strana od-do

269-285

Kód UT WoS článku

000403383400002

EID výsledku v databázi Scopus

2-s2.0-85020410731