| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9946 |
| DP9946 Buying First or Selling First in Housing Markets | |
| Espen R. Moen; Plamen T. Nenov | |
| 发表日期 | 2014-04-20 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Housing transactions by existing homeowners take two steps, a purchase of a new property and sale of the old housing unit. These two decisions are not independent, and their sequence may depend on the state of the housing market. This paper shows how the sequence of buyer-seller decisions depends on, and in turn, affects housing market conditions in an equilibrium search-and-matching model of the housing market. Under a simple payoff condition, we show that the decisions to ``buy first'' or ``sell first'' among existing homeowners are strategic complements - homeowners prefer to ``buy first'' whenever there are more buyers than sellers in the market. This behavior leads to multiple steady state equilibria and to dynamic equilibria featuring low frequency self-fulfilling fluctuations in house prices and time on the market. The model is broadly consistent with stylized facts about the housing market. |
| 主题 | Financial Economics |
| 关键词 | Excess volatility Housing market Order of transactions Search frictions Self-fulfilling fluctuations |
| URL | https://cepr.org/publications/dp9946 |
| 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/538780 |
| 推荐引用方式 GB/T 7714 | Espen R. Moen,Plamen T. Nenov. DP9946 Buying First or Selling First in Housing Markets. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Espen R. Moen]的文章 |
| [Plamen T. Nenov]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Espen R. Moen]的文章 |
| [Plamen T. Nenov]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Espen R. Moen]的文章 |
| [Plamen T. Nenov]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
