OECD-IMF Workshop on Real Estate Price Indexes, 6 - 7 November 2006

6th to 7th November 2006 at OECD Headquarters (Room Franqueville),
2 rue André Pascal, 75016

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Participants

CONCLUSIONS AND FUTURE DIRECTIONS

Agenda

Monday 6th November

09.00 to 09.30:  Preliminaries

09.30 to 10.30 Session 1:  Introduction

Chairman:  Paul Schreyer, OECD

1. Statistics on real estate prices: the need for a strategic approach (pdf)
    Presentation (pdf)
    David Fenwick, Office of National Statistics

2. Residential property prices – what has been achieved since 2003? (pdf)
    Presentation (pdf)
    Stephan Arthur, Bank of International Settlements

3. House price developments: the role of fundamentals (pdf)
    Presentation (pdf)
    Mike Kennedy, OECD Economics Department

10.30 to 11.00 Coffee

11.00 to 13.00 Session 2:  Country practices and experiences 1

Chairman:  Paul Schreyer, OECD

4. Residential property price statistics for the euro area and selected EU countries (pdf)
    Presentation (pdf)
    Martin Eiglsperger, European Central Bank

5. Basic aspects of the methodological design of the housing price index in Spain (pdf)
    Presentation (pdf)
    Ignacio Gonzalez Veiga, National Statistical Institute

6. Housing price statistics at Statistics Finland (pdf)
    Presentation (pdf)
    Mikko Saarnio, Statistics Finland

7. Real estate price indices in Germany: past, present and future (pdf)
    Presentation (pdf)
    Andreas Lorenz et al, Deutsche Bundesbank

13.00 to 14.30 Luncheon

14.30 to 16.00 Session 3: Country practices and experiences 2

Chairman:  Mick Silver, IMF

8.   The Australian experience in developing an established house price index (pdf)
      Presentation (pdf)
      Merry Branson, Australian Bureau of Statistics

9.   Development of house price indices in India: experiences with a weak data base (pdf)
      Presentation (pdf)
      Vinay D. Lall, Society for Development Studies, New Delhi

10. Studies in hedonic resale housing price indexes (pdf)
      Presentation (pdf)
      Marc Prud’Homme et al, Statistics Canada and Lakehead University

11. Dwelling price index in Slovenia – pilot study of hedonic approaches (pdf)
      Presentation (pdf)
      Branko Pavlin, Statistical Office of the Republic of Slovenia

16.00 to 16.30 Coffee

16.30 to 18.00 Session 4: Country practices and experiences 3
Chairman:  Mick Silver, IMF

12. Managing hedonic housing price indexes: the French experience (pdf)
      Presentation (pdf)
     Anne Laferrere et al, Institut National de la Statistique et des Études Économique

13. Two ways to construct a house price index for the Netherlands: the repeat sales and the sales price appraisal ratio (zip), Presentation (pdf)
     Bert Kroese et al, Statistics Netherlands

14. Removing appraisal bias from a repeat transactions house price index: a basic approach (pdf) 
     Presentation (pdf)    
     Andrew Leventis, US Office of Federal Housing Enterprise Oversight

18.00 Cocktail

Tuesday 7th November

09.00 to 10.30 Session 5: Country practices and experiences 4

Chairman:  Paul Armknecht, IMF

15. Danish real estate price indexes and their principal users
      Presentation (pdf)
     Joen Joensen, Statistics Denmark

16. House prices in Italy: the statistics used at the Bank of Italy (pdf)
     Presentation (pdf)
     Roberto Sabbatini et al, Banca d’Italia

17. The use of real estate price indexes to monitor inflation pressures and capacity pressures for Canada.  Presentation (pdf)
      Patrick Sabourin, Bank of Canada

10.30 to 11.00 Coffee

11.00 to 13.00 Session 6: Owner-occupied housing and related issues 1

Chairman:  Paul Armknecht, IMF

18. Owner-occupied housing for the HICP (pdf)
      Presentation (pdf)
      Alexandre Makaronidis et al, Eurostat

19. An empirical analysis of the different concepts for owned accommodation in the Canadian CPI: the case of Ottawa, 1996-2005 (pdf), Presentation (pdf)
     Marc Prud’Homme et al, Statistics Canada and the University of Alberta

20. House price index, market prices and flow of services methods (pdf)
      Presentation (pdf)
      Rosmundur Gudnason et al, Statistics Iceland

13.00 to 14.30 Luncheon

14.30 to 16.00 Session 7:  Owner-occupied housing and related issues 2

Chairman:  David Roberts, OECD

22. The puzzling divergence of rents and user costs, 1980-2004 (pdf)
      Presentation (pdf)
      Randal Verbrugge, US Bureau of Labor Statistics

23. Residential rent samples within the extended national consumer price index (pdf)
      Presentation (pdf)
      Telles Timóteo da Silva et al, Brazilian Institute of Geography and Statistics

16.00 to 16.30 Coffee

16.30 – 17.00 Session 8:  Concluding overview

Chairman:  David Roberts, OECD

24. Residential property prices – a synopsis of available data and related methodological issues (pdf)
      Presentation (pdf)
      Stephan Arthur, Bank for International Settlements

25. Identifying areas for future work on real estate price indexes at international level
     (Oral presentation see conclusions and future directions) 
      Erwin Diewert, University of British Columbia

17.00 to 18.00 Session 9:  Panel discussion:  future work on real estate price indexes at the international level

Chairman:  David Roberts, OECD

Panellists:  Paul Armknecht (IMF), Erwin Diewert (University of British Columbia), David Fenwick (Office of National Statistics), Johannes Hoffmann (Deutsche Bundesbank), Alexandre Makaronidis (Eurostat), Vinay D. Lall (Society for Development Studies, New Delhi)

Room documents:

1. An exploration of alternative treatments of owner-occupied housing in a CPI (pdf)
    Presentation (pdf)
    Keith Woolford, Australian Bureau of Statistics

2. A guide to house price indexes: Australia 2006 (pdf)
    Australian Bureau of Statistics

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