THE DECISION TO MOVE HOUSE AND AGGREGATE HOUSING-MARKET DYNAMICS

• 成果类型: Article
• 署名作者: Ngai, L. Rachel; Sheedy, Kevin D.
• 署名单位: University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvaa001
• 发表日期: 2020
• 页码: 2487-2531
• 关键词: taxpayer relief act; search; prices; liquidity; sales; time; hot

摘要

Using data on house sales and inventories, this paper shows that housing transactions are driven mainly by listings and less so by transaction speed, thus the decision to move house is key to understanding the housing market. The paper builds a model where moving house is essentially an investment in match quality, implying that moving depends on macroeconomic developments and housing-market conditions. The number of transactions has implications for welfare because each transaction reduces mismatch for homeowners. The quantitative importance of the decision to move house is shown in understanding the U.S. housing-market boom during 1995-2003.