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Downward nominal house price rigidity: Evidence from three centuries of data on housing transactions

dc.contributor.authorErlandsen, Solveig K.
dc.contributor.authorJuelsrud, Ragnar Enger
dc.date.accessioned2023-01-11T07:30:30Z
dc.date.available2023-01-11T07:30:30Z
dc.date.issued2023
dc.identifier.isbn978-82-8379-257-7
dc.identifier.issn1502-8190
dc.identifier.urihttps://hdl.handle.net/11250/3042518
dc.description.abstractBy analyzing housing data from the period 1850 to 2019 in Norway, we find evidence of downward nominal house price rigidity. More specifically, we document that there is a marked fraction of repeat-sales housing transactions with a zero nominal price change and show that this fraction increases in housing market downturns. While the former result reveals a rigidity in nominal house prices, the latter suggests that the direction of it is predominantly downward.en_US
dc.language.isoengen_US
dc.publisherNorges Banken_US
dc.relation.ispartofseriesWorking paper;1/2023
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjecthouse pricesen_US
dc.subjectrepeat sales transaction dataen_US
dc.subjectprice rigidityen_US
dc.subjectmonetary policyen_US
dc.subjectfinancial crisisen_US
dc.subjectJEL: R31en_US
dc.subjectJEL: E30en_US
dc.subjectJEL: N13en_US
dc.subjectJEL: N14en_US
dc.titleDownward nominal house price rigidity: Evidence from three centuries of data on housing transactionsen_US
dc.typeWorking paperen_US
dc.description.versionpublishedVersionen_US
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212en_US
dc.source.pagenumber7en_US


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