@techreport{32fe09b4465d4c30b7dd07384ec881cc,
title = "Owner Occupied Housing, Inflation and Monetary Policy",
abstract = "The ECB and Eurostat have been trying to bring owner-occupied housing (OOH) into the Harmonized Index of Consumer Prices (HICP) for two decades without success. OOH is now back on the agenda as part of the ECB{\textquoteright}s new monetary-policy strategy. A fresh perspective is needed. We argue that a viable way forward is 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 the public{\textquoteright}s perception of it, and make it easier for the ECB to achieve its inflation target.",
keywords = "Measurement of inflation, Owner occupied housing, User cost, Rental equivalence, Hedonic quantile regression, Housing booms and busts, Inflation targeting, Disinflation puzzle",
author = "Hill, {Robert J.} and Miriam Steurer and Sofie Waltl",
year = "2020",
month = oct,
language = "English",
series = "Graz Economics Papers",
publisher = "University of Graz",
address = "Austria",
type = "WorkingPaper",
institution = "University of Graz",
}