RBA Annual Conference – 2012 Land and Housing Price Measurement in China Yongheng Deng, Joseph Gyourko and Jing Wu

Equation (1)

$h s d r a t i o i , t = h l i s t e d i , t / h s o l d i , t . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbnLNCPf gzGaLCVbctPDgA0bqefqvATv2CG4uz3bIuV1wyUbqeduuDJXwAKbYu 51MyVXgaruWqVvNCPvMCG4uz3bqee0evGueE0jxyaibaiKc9yrVq0x Xdbba91rFfpec8Eeeu0xXdbba9frFj0=OqFfea0dXdd9vqaq=JfrVk FHe9pgea0dXdar=Jb9hs0dXdbPYxe9vr0=vr0=vqpWqaaeaaciWacm aadaGabeaaeaGaauaaaOqaaiaadIgacaWGZbGaamizaiaadkhacaWG HbGaamiDaiaadMgacaWGVbWaaSbaaSqaaiaadMgacaGGSaGaamiDaa qabaGccqGH9aqpcaWGObGaamiBaiaadMgacaWGZbGaamiDaiaadwga caWGKbWaaSbaaSqaaiaadMgacaGGSaGaamiDaaqabaGccaGGVaGaam iAaiaadohacaWGVbGaamiBaiaadsgadaWgaaWcbaGaamyAaiaacYca caWG0baabeaakiaac6caaaa@5E07@$

Equation (2)

$e p g r o w t h i , t = ∑ j = 1 18 e i , j , t − 1 e i , t − 1 ( e ˜ i , j , t − e ˜ i , j , t − 1 e ˜ i , t − 1 − e t − e t − 1 e t − 1 ) MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbnLNCPf gzGaLCVbctPDgA0bqefqvATv2CG4uz3bIuV1wyUbqeduuDJXwAKbYu 51MyVXgaruWqVvNCPvMCG4uz3bqee0evGueE0jxyaibaiKc9yrVq0x Xdbba91rFfpec8Eeeu0xXdbba9frFj0=OqFfea0dXdd9vqaq=JfrVk FHe9pgea0dXdar=Jb9hs0dXdbPYxe9vr0=vr0=vqpWqaaeaaciWacm aadaGabeaaeaGaauaaaOqaaiaadwgacaWGWbGaam4zaiaadkhacaWG VbGaam4DaiaadshacaWGObWaaSbaaSqaaiaadMgacaGGSaGaamiDaa qabaGccqGH9aqpdaaeWaqaamaalaaabaGaamyzamaaBaaaleaacaWG PbGaaiilaiaadQgacaGGSaGaamiDaiabgkHiTiaaigdaaeqaaaGcba GaamyzamaaBaaaleaacaWGPbGaaiilaiaadshacqGHsislcaaIXaaa beaaaaGcdaqadaqaamaalaaabaGabmyzayaaiaWaaSbaaSqaaiaadM gacaGGSaGaamOAaiaacYcacaWG0baabeaakiabgkHiTiqadwgagaac amaaBaaaleaacaWGPbGaaiilaiaadQgacaGGSaGaamiDaiabgkHiTi aaigdaaeqaaaGcbaGabmyzayaaiaWaaSbaaSqaaiaadMgacaGGSaGa amiDaiabgkHiTiaaigdaaeqaaaaakiabgkHiTmaalaaabaGaamyzam aaBaaaleaacaWG0baabeaakiabgkHiTiaadwgadaWgaaWcbaGaamiD aiabgkHiTiaaigdaaeqaaaGcbaGaamyzamaaBaaaleaacaWG0bGaey OeI0IaaGymaaqabaaaaaGccaGLOaGaayzkaaaaleaacaWGQbGaeyyp a0JaaGymaaqaaiaaigdacaaI4aaaniabggHiLdaaaa@7E5E@$

Equation (3)

$d log L P i , t = α + β e p g r o w t h i , t + γ h s d r a t i o i , t − 1 + δ d e v e l o p l o a n 3 y r i , t + φ y e a r t + ε i , t , MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbnLNCPf gzGaLCVbctPDgA0bqefqvATv2CG4uz3bIuV1wyUbqeduuDJXwAKbYu 51MyVXgaruWqVvNCPvMCG4uz3bqee0evGueE0jxyaibaiKc9yrVq0x Xdbba91rFfpec8Eeeu0xXdbba9frFj0=OqFfea0dXdd9vqaq=JfrVk FHe9pgea0dXdar=Jb9hs0dXdbPYxe9vr0=vr0=vqpWqaaeaaciWacm aadaGabeaaeaGaauaaaOqaaiaabsgaciGGSbGaai4BaiaacEgacaWG mbGaamiuamaaBaaaleaacaWGPbGaaiilaiaadshaaeqaaOGaeyypa0 JaeqySdeMaey4kaSIaeqOSdiMaamyzaiaadchacaWGNbGaamOCaiaa d+gacaWG3bGaamiDaiaadIgadaWgaaWcbaGaamyAaiaacYcacaWG0b aabeaakiabgUcaRiabeo7aNjaadIgacaWGZbGaamizaiaadkhacaWG HbGaamiDaiaadMgacaWGVbWaaSbaaSqaaiaadMgacaGGSaGaamiDai abgkHiTiaaigdaaeqaaOGaey4kaSIaeqiTdqMaamizaiaadwgacaWG 2bGaamyzaiaadYgacaWGVbGaamiCaiaadYgacaWGVbGaamyyaiaad6 gacaWGZaGaamyEaiaadkhadaWgaaWcbaGaamyAaiaacYcacaWG0baa beaakiabgUcaRiabeA8aQjaadMhacaWGLbGaamyyaiaadkhadaWgaa WcbaGaamiDaaqabaGccqGHRaWkcqaH1oqzdaWgaaWcbaGaamyAaiaa cYcacaWG0baabeaakiaacYcaaaa@8691@$