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Identifier to cite or link to this item: https://hdl.handle.net/10086/28997

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Title
Decompositions of Spatially Varying Quantile Distribution Estimates: The Rise and Fall of Tokyo House Prices
Creator
Creator Name
McMillen, Daniel McMillen, Daniel
Affiliation
Affiliation Name
University of Illinois
Creator Name
Shimizu, Chihiro Shimizu, Chihiro
Affiliation
Affiliation Name
Nihon University
Key Word
Conditionally parametric
quantile regression
decomposition
JEL
C14
C18
R30
Abstract
We extend Machado-Mata’s (2005) approach for decomposing the differences in the distribution of a dependent variable across two samples to account for location when the models are estimated using conditional parametric procedures. We find that a substantial portion of the change in the distribution of condominium prices in Tokyo between the rapid rise in prices in 1986 – 1990 and the sharp decline in 1991 – 1995 is due to changes in the values of the explanatory variables. Changes in the locations of sales serve to shift the price distribution to the left because later sales were more likely to be farther from downtown Tokyo, where prices are lower.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2017-12
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
HIT-REFINED Working Paper Series ; No. 74
Relation
Related Identifier
URI
  http://www.ier.hit-u.ac.jp/hit-refined/
Number of Pages
36
Sponsorship
基盤研究(S) = Grants-in-Aid for Scientific Research (S)
Appears in Collections
Working Paper Series / Real Estate Markets, Financial Crisis, and Economic Growth An Integrated Economic Approach
URL
https://hdl.handle.net/10086/28997