美国的cpi包含房价

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2008/07/14 00:20 | by watson ]

今日穷极无聊在网上闲逛，无意中闯入美国劳工统计局的网站。发现了这样一篇文章：Consumer Price Indexes for Rent and Rental Equivalence。

该文章中详细说明了房价在cpi中的构成：

引用

Until the early 1980s, the CPI used what is called the asset price method to measure the change in the costs of owner-occupied housing. The asset price method treats the purchase of an asset, such as a house, as it does the purchase of any consumer good.

引用

Rental equivalence measures the change in the implicit rent, which is the amount a homeowner would pay to rent, or would earn from renting, his or her home in a competitive market.

美国的CPI采用等价房租法(rental equivalence method)来计算自住房价格的变化。
在1980年代之前，CPI采用资产价格法来衡量屋主自住房的价格变化。资产价格法把购买房屋当成购买普通消费品来处理。等价房租法测量隐性房租，也就是把屋主自住房看成是自己给自己付房租，通过这个等价隐性房租来衡量房价变化。

这个网页上给出了2006年美国CPI-U的住房权重。

Shelter............................................... 32.776%
Rent of primary residence......................... 5.930%
Lodging away from home............................ 2.648%
Housing at school, excluding board............... 0.154%
Other lodging away from home including hotels.... 2.493%
Owners' equivalent rent of primary residence...... 23.830%
Tenants' and household insurance.................. 0.369%

5.930%只是房租权重，而23.830%则是屋主自住房等价房租权重。显然，后者才是大头，不仅远超过前者，而且在整个CPI里面也是第一大权重项目。

你看到真正的问题了，这个Owners' equivalent rent of primary residence恰恰是关键所在。想想看，高达24%的权重，远超出房租比重。这么重要的项目，到底是什么呢？

实际上这个就是美国CPI用来衡量房屋价格变化的办法，即等价房租法。也就是把屋主自住房看成是自己给自己付房租，用这种隐性房租来测量房价变化。

等价房租法实际上是大大增加了房租在CPI中的权重。如果没有它，房租的比重只有5.765%。加上它后，房租的权重就增加到5.765% + 23.942% = 29.707%。

Tags: cpi