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Ratios overstate the decline in the series

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The Economist argues that Sydney house prices are significantly overvalued because the rentprice ratio is below its mean value (for period 1980-2016).

i. Why does the Economist measure of rent-price ratios overstate the decline in the series?

ii. Even with a valid measure of rent-price ratios, why is the mean of the rent-price ratio for the period 1986-2016 not a valid measure of equilibrium?

Reference no: EM132166726

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