ENDOGENOUS SOURCES OF VOLATILITY IN HOUSING MARKETS: THE JOINT BUYER-SELLER PROBLEM

• 成果类型: Article
• 署名作者: Anenberg, Elliot; Bayer, Patrick
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors; Duke University; National Bureau of Economic Research
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12454
• 发表日期: 2020
• 页码: 1195-1228
• 关键词: Loss aversion; equity constraints; search; prices; MODEL; liquidity; BEHAVIOR; DYNAMICS; hot; US

摘要

This article presents new empirical evidence that internal movement-selling one home and buying another-by existing homeowners within a metropolitan housing market is especially volatile and a substantial driver of fluctuations in transaction volume over the housing market cycle. We develop a search model that shows that the strong procyclicality of internal movement is driven by the cost of simultaneously holding two homes, which varies endogenously over the cycle. The estimated model shows that frictions related to this joint buyer-seller problem substantially amplify cyclical price volatility in housing markets.