||Decompositions of Spatially Varying Quantile Distribution Estimates: The Rise and Fall of Tokyo House Prices
McMillen, DanielShimizu, Chihiro
2017-12 , Institute of Economic Research, Hitotsubashi University
We extend Machado-Mata’s (2005) approach for decomposing the differences in the distribution of a dependent variable across two samples to account for location when the models are estimated using conditional parametric procedures. We find that a substantial portion of the change in the distribution of condominium prices in Tokyo between the rapid rise in prices in 1986 – 1990 and the sharp decline in 1991 – 1995 is due to changes in the values of the explanatory variables. Changes in the locations of sales serve to shift the price distribution to the left because later sales were more likely to be farther from downtown Tokyo, where prices are lower.
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