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Hot property in New Zealand: Empirical evidence of housing bubbles in the metropolitan centres
Using recently developed statistical methods for testing and dating exuberant behaviour in asset prices we document evidence of episodic bubbles in the New Zealand property market over the past two
Identifying Exchange Rate Common Factors
Using recently developed model selection procedures, we determine that exchange rate returns are driven by a two‐factor model. We identify them as a dollar factor and a euro factor. Exchange rates
Revisions to GDP, GDI, and Their Major Components
HE NATIONAL income and product accounts (NIPAs) provide a timely, comprehensive, and ac­ curate description of the condition of the U.S. economy. Their two featured measures—gross domes­ tic product
Alternative Price Indexes for Medical Care: Evidence from the MEPS Survey
Spending on medical care is a large and growing component of GDP. There are wellknown measurement problems that are estimated to overstate inflation and understate real growth for this sector by as
Two Countries, Sixteen Cities, Five Thousand Kilometres: How Many Housing Markets?
We test whether a single housing market exists across sixteen cities covering two countries, Australia and New Zealand. Distances between these cities are vastly greater than commuting distances. We
Land Use Regulation, the Redevelopment Premium and House Prices
The right to redevelop a residential property can carry a significant positive premium. Although the existing literature has examined how this redevelopment premium is affected by the inherent
Is GDP or GDI a Better Measure of Output? A Statistical Approach
Gross domestic product (GDP) and gross domestic income (GDI) are in theory estimates of the same concept, namely economic production over a defined span of time and space. Yet the two measures are