| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3031 |
| DP3031 The Importance of the Distribution of Consumers in Horizontal Product Differentiation | |
| Yves Zenou; Antoni Calvó-Armengol | |
| 发表日期 | 2001-10-23 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households are heterogeneous with respect to income and preferences, and mortgage lending is restricted by a down-payment requirement. The market interaction of young credit-constrained households with older or richer unconstrained households generates the following results. (1) Current income of young credit-constrained households affects housing prices independently of aggregate income. (2) Housing prices and the number of housing transactions are positively correlated. (3) Housing prices over-react to income shocks. (4) A relaxation of the down-payment constraint triggers a boom-bust cycle. These results are consistent with patterns observed in the US and the UK. |
| 主题 | Financial Economics ; International Macroeconomics ; Industrial Organization |
| 关键词 | Housing prices and transactions Credit constraints Income shocks Financial liberalization Overlapping generations |
| URL | https://cepr.org/publications/dp3031 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532055 |
| 推荐引用方式 GB/T 7714 | Yves Zenou,Antoni Calvó-Armengol. DP3031 The Importance of the Distribution of Consumers in Horizontal Product Differentiation. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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