BUYING FIRST OR SELLING FIRST IN HOUSING MARKETS

• 成果类型: Article
• 署名作者: Moen, Espen R.; Nenov, Plamen T.; Sniekers, Florian
• 署名单位: BI Norwegian Business School; Tilburg University
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvz069
• 发表日期: 2021
• 页码: 38-81
• 关键词: dynamic equilibrium-model; search; unemployment; prices; persistence; liquidity; STABILITY; hot

摘要

Housing transactions by moving homeowners take two steps-buying a new house and selling the old one. This paper argues that the transaction sequence decisions of moving homeowners have important effects on the housing market. Moving homeowners prefer to buy first whenever there are more buyers than sellers in the market. However, this congests the buyer side of the market and increases the buyer-seller ratio, further strengthening the incentives of other moving owners to buy first. This endogenous strategic complementarity leads to multiple steady state equilibria and large fluctuations, which are broadly consistent with stylized facts about the housing cycle.