caa a22 4500 477129692 CHVBK 20180405111701.0 cr unu---uuuuu 170330e19970701xx s 000 0 eng 10.1023/A:1007749305400 doi (NATIONALLICENCE)springer-10.1023/A:1007749305400 Property and Inflation: The Hedging Characteristics of U.K. Commercial Property, 1967-1994 [Elektronische Daten] [Colin Barber, Donald Robertson, Andrew Scott] This paper examines the statistical similarities between U.K. commercial property capital and rental values and the price level. Our aim is to determine whether commercial property is an inflation hedge and, if so, what type of inflation it hedges against. To answer these questions, we use both a multivariate unobserved components model and structural vector autoregressions. We find that commercial property is an inflation hedge but only a weak one. More specifically, we find that property offers some form of partial hedge against changes in the underlying inflation rate but not to either temporary or permanent changes to the price level. We also find that capital values offer a stronger hedge than rental values and that industrial and retail property account for most of this hedging capacity. We find no evidence that property responds differently to high or low inflation but we do find capital and rental values respond more to unexpected inflation than anticipated price changes. Kluwer Academic Publishers, 1997 commercial property nationallicence inflation nationallicence asset allocation nationallicence Barber Colin Barber White Property Economics, USA aut Robertson Donald Cambridge University, USA aut Scott Andrew Harvard University, USA aut The Journal of Real Estate Finance and Economics Kluwer Academic Publishers 15/1(1997-07-01), 59-76 0895-5638 15:1<59 1997 15 11146 https://doi.org/10.1023/A:1007749305400 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1023/A:1007749305400 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Barber Colin Barber White Property Economics, USA aut NATIONALLICENCE 700 1- Robertson Donald Cambridge University, USA aut NATIONALLICENCE 700 1- Scott Andrew Harvard University, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Kluwer Academic Publishers 15/1(1997-07-01), 59-76 0895-5638 15:1<59 1997 15 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer