Alternative Approaches to Housing Services and Japanese CPI: -Bias from Nominal Rigidity of Rents- Chihiro Shimizu Satoshi Imai Erwin Diewer First draft : May, 2015 This version : January, 2016 Grant-in-Aid for Scientific Research（S） Real Estate Markets, Financial Crisis, and Economic Growth : An Integrated Economic Approach Working Paper Series No.35 HIT-REFINED PROJECT Institute of Economic Research, Hitotsubashi University Naka 2-1, Kunitachi-city, Tokyo 186-8603, JAPAN Tel: +81-42-580-9145 E-mail: hit-refined-sec@ier.hit-u.ac.jp http://www.ier.hit-u.ac.jp/hit-refined/