Owner‐Occupied Housing, Inflation, and Monetary Policy
研究了欧洲自有住房成本不同处理方式对通胀测量的影响，建议将其纳入消费者价格指数以提升可信度，并帮助欧洲央行在不偏离通胀目标的情况下应对住房繁荣。
Abstract Owner‐occupied housing (OOH) is currently excluded from the harmonized index of consumer prices (HICP) in Europe. Using microlevel data for Sydney and aggregated data for the United States, France, and Germany, we compare the impact of alternative treatments of OOH on measured inflation. We recommend including OOH in the HICP using a simplified version of the user‐cost method. This would improve the harmonization of the HICP, help close the credibility gap between measured inflation and public perceptions of it, and allow the ECB to lean against a housing boom without departing from its inflation target.