English, Article, Journal or magazine article edition: Deflation in Durable Goods Markets: An Empirical Model of the Tokyo Condominium Market Migiwa Tanaka

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Deflation in Durable Goods Markets: An Empirical Model of the Tokyo Condominium Market
Author
  • Migiwa Tanaka
Physical Description
  • preprint
Notes
  • Throughout the 1990s, the supply of new condominiums in Tokyo significantly increased while prices persistently fell. This paper investigates whether the market power of condominium developers is a factor in explaining the outcome in this market and whether there is a relationship between production cost trend and the degree of market power that the developers were able to exercise. In order to respond to these questions, a dynamic durable goods oligopoly model of the condominium market-one incorporating time-variant costs and a secondary market-is constructed and structurally estimated using a nested GMM procedure.
  • Durable Goods, Dynamic Oligopoly, Housing Market
  • RePEc:ime:imedps:08-e-02
Language
  • English
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