Discussant remarks on Chihiro Shimizu, Kiyohiko G Nishimura and Tsutomu Watanabe’s paper House prices from magazines, realtors,and the Land Registry

摘要: This is a very important and timely paper addressing issues regarding appropriateness in measuring property asset prices the housing market. In doing empirical research field of finance economics, including financial market, researcher has to tackle problem model as well data. For example, current US Federal Reserve Chairman Ben Bernanke commented that “... this originate-to-distribute appears have contributed breakdown underwriting standards, lenders often found themselves able pass on credit risk without much resistance from ultimate investors” (Ben Bernanke, 14 March 2008 remarks mortgage crisis). Others believe models are fine, but they an input problem. It becomes number plucks out air (a comment made by former Citigroup banker, Satyajit Das). Former Fed Alan Greenspan remarked 23 October “the whole intellectual edifice, however, collapsed summer last year because data inputted into management generally covered only past two decades – period euphoria”. An et al (2011) examine stability using subprime crisis natural experiment.