\begin{table}[htbp]
\centering\scriptsize
\caption{Monte Carlo: RMSE of monthly log changes (×100) at the municipality level, by scenario (Monte Carlo standard error in parentheses)}\label{tab:mc_rmse_municipality}
\begin{threeparttable}
\resizebox{\textwidth}{!}{%
\begin{tabular}{lrrrrrrrrr}
\toprule
Method & baseline & turning point & flat quality up & rising quality down & drifting hedonics & heavy tails & sparse & no local dynamics & idiosyncratic towns \\
\midrule
Median & 24.28 (0.16) & 24.28 (0.16) & 24.71 (0.16) & 23.95 (0.16) & 25.89 (0.17) & 27.37 (0.22) & 29.43 (0.13) & 24.28 (0.16) & 24.38 (0.15) \\
Stratified median & 6.01 (0.02) & 6.02 (0.02) & 6.00 (0.02) & 6.00 (0.02) & 6.25 (0.02) & 7.60 (0.03) & 5.57 (0.03) & 5.97 (0.02) & 6.16 (0.02) \\
Pooled TD (Huber) & 12.52 (0.10) & 12.52 (0.10) & 12.55 (0.10) & 12.54 (0.10) & 13.01 (0.11) & 15.15 (0.16) & 15.24 (0.14) & 12.52 (0.10) & 12.57 (0.11) \\
Rolling TD 13 m & 7.48 (0.10) & 7.48 (0.10) & 7.50 (0.10) & 7.48 (0.10) & 7.75 (0.10) & 8.14 (0.13) & 7.84 (0.19) & 7.48 (0.10) & 7.48 (0.10) \\
Repeat sales & 39.26 (0.45) & 39.23 (0.46) & 39.08 (0.44) & 39.80 (0.47) & 39.49 (0.45) & 51.70 (0.99) & 42.97 (0.84) & 39.25 (0.45) & 39.17 (0.42) \\
QHPI v2.1 arch. & 2.91 (0.05) & 2.91 (0.05) & 2.90 (0.05) & 2.91 (0.05) & 2.93 (0.05) & 7.89 (0.07) & 3.57 (0.04) & 2.84 (0.05) & 3.30 (0.04) \\
SHARP-HPI (smoothed) & 1.58 (0.02) & 1.58 (0.02) & 1.58 (0.02) & 1.58 (0.02) & 1.62 (0.02) & 4.62 (0.08) & 2.40 (0.04) & 1.35 (0.02) & 2.52 (0.02) \\
SHARP-HPI (filtered) & 3.02 (0.04) & 3.02 (0.04) & 3.02 (0.04) & 3.02 (0.04) & 3.06 (0.04) & 8.23 (0.10) & 4.17 (0.06) & 2.73 (0.04) & 4.24 (0.03) \\
SHARP: no EB pooling of $\tau^2$ & 1.62 (0.02) & 1.62 (0.02) & 1.62 (0.02) & 1.62 (0.02) & 1.66 (0.02) & 4.51 (0.08) & 2.45 (0.04) & 1.40 (0.02) & 2.55 (0.02) \\
SHARP: fixed quality prices & 1.58 (0.02) & 1.58 (0.02) & 1.58 (0.02) & 1.58 (0.02) & 1.61 (0.02) & 4.62 (0.08) & 2.40 (0.04) & 1.35 (0.02) & 2.52 (0.02) \\
SHARP: local linear trend & 1.61 (0.02) & 1.61 (0.02) & 1.61 (0.02) & 1.61 (0.02) & 1.65 (0.02) & 4.95 (0.08) & 2.45 (0.04) & 1.40 (0.02) & 2.51 (0.02) \\
SHARP: Gaussian & 2.25 (0.04) & 2.25 (0.04) & 2.24 (0.04) & 2.23 (0.04) & 2.29 (0.04) & 6.77 (0.09) & 3.21 (0.05) & 2.13 (0.04) & 2.84 (0.03) \\
SHARP: municipality-level location FE & 2.05 (0.04) & 2.05 (0.04) & 2.05 (0.04) & 2.05 (0.04) & 2.08 (0.04) & 2.84 (0.06) & 3.30 (0.08) & 1.88 (0.04) & 2.81 (0.03) \\
\bottomrule
\end{tabular}}
\begin{tablenotes}\footnotesize\item Averages over cells and replications; see Table~\ref{tab:mc_design} for the scenarios. Lower is better; the final two scenarios are the deliberate counter-examples.\end{tablenotes}
\end{threeparttable}
\end{table}