HOUSE PRICES, SALES, AND TIME ON THE MARKET: A SEARCH-THEORETIC FRAMEWORK

• 成果类型: Article
• 署名作者: Diaz, Antonia; Jerez, Belen
• 署名单位: Universidad Carlos III de Madrid
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12019
• 发表日期: 2013
• 页码: 837-872
• 关键词: residential real-estate

摘要

We assess the ability of a standard search and matching framework to account for the cyclical properties of key macroeconomic time series of the housing market. We calibrate a model with aggregate demand and supply shocks to match selected business cycle properties of vacancies and sales in the United States. Our model reproduces the cyclical time series properties of house prices and the positive and negative comovement of prices with sales and time on the market, respectively. Search and matching frictions produce trading delays that augment the volatility of prices and propagate the effect of aggregate shocks to future periods.