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IPS176 Thomas A. K.
weighting, too. A transaction-based weighting which is often regarded as the
first-best solution is currently not implementable because the data available
on the number of non-residential transactions cannot be broken down to a
sufficient degree.
By disclosing the current data limits for CPPI compilation, the paper may
be of interest for those people who work on establishing a framework for
enhancing the source data for official CPPI measurement. Given that
macroprudential monitoring demands data of highest quality, this is the
ultimate target and should be pursued consequently despite the short and
medium-run efforts which are aimed to bridge the information gap with
pragmatic intermediate solutions.

References
1. Deutsche Bundesbank (2013). Commercial property prices in Germany:
conceptual considerations and statistical status quo, Monthly Report, May
2013, 53-55.
2. Diewert. W. E. & Shimizu C. (2015). A conceptual framework for
commercial property price indexes. Journal of Statistical Science and
Application 3, 9-10, 131-152.
3. ESRB (2016). Recommendation of the European Systemic Board on
closing real estate data gaps (ESRB/2016/14). 31 October 2016.
4. Eurostat (2017). Commercial property price indicators: sources, methods
and issues. 2017 edition. Publication Service of the European Union.
5. Knetsch. T. A. Schlitzer C. & Triebskorn E. (2019). The rationale behind a
multi-indicator approach to real estate price analysis. Mimeo.

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