Housing Prices and Credit Constraints in Competitive Search

• 成果类型: Article
• 署名作者: Diaz, Antonia; Jerez, Belen; Rincon-Zapatero, Juan Pablo
• 署名单位: Universidad Carlos III de Madrid
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/uead054
• 发表日期: 2023
• 页码: 220-270
• 关键词: residential real-estate; directed search; MARKET; equilibrium; DYNAMICS; unemployment; liquidity; WEALTH; time

摘要

Wealthier, risk-averse buyers pay more to speed up transactions in competitive search markets. This result is established in a dynamic housing model where households save to smooth consumption and build a down payment. 'Block recursivity' is ensured by the existence of risk-neutral housing intermediaries. In the long run, the calibrated benchmark features higher indebtedness and house prices than a Walrasian model, especially when housing supply elasticity is low. The long-run price effects of greater credit availability are much larger if rental and owner-occupied stocks are segmented, but even without segmentation they can be substantial when supply elasticity is low.