Search, Liquidity, and the Dynamics of House Prices and Construction
成果类型：
Article
署名作者：
Head, Allen; Lloyd-Ellis, Huw; Sun, Hongfei
署名单位：
Queens University - Canada
刊物名称：
AMERICAN ECONOMIC REVIEW
ISSN/ISSBN：
0002-8282
DOI：
10.1257/aer.104.4.1172
发表日期：
2014
页码：
1172-1210
关键词：
摘要：
The dynamics of house prices, sales, construction, and population growth in response to city-specific income shocks are characterized for 106 US cities. A dynamic model of search in the housing market in which construction, the entry of buyers, house prices, and sales are determined in equilibrium is then developed. The theory generates dynamics qualitatively consistent with the observations and a version calibrated to match key features of the US housing market offers a substantial quantitative improvement over models without search. In particular, variation in the time it takes to sell induces transaction prices to exhibit serially correlated growth.