| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10342 |
| DP10342 Buying First or Selling First in Housing Markets | |
| Espen R. Moen; Plamen T. Nenov; Florian Sniekers | |
| 发表日期 | 2015-01-11 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Housing transactions by owner-occupiers take two steps, purchase of a new property and sale of the old housing unit. This paper shows how the transaction sequence decision of owner-occupiers depends on, and in turn, affects housing market conditions in an equilibrium search-and-matching model of the housing market. We show that home-owners prefer to buy first whenever there are more buyers than sellers in the market. This behavior leads to multiple steady state equilibria and to self-fulfilling fluctuations in prices and time-on-market. Equilibrium switches creates large fluctuations in the housing market, which are broadly consistent with stylized facts on the housing cycle. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Housing market Search frictions Order of transactions Strategic complementarities |
| URL | https://cepr.org/publications/dp10342 |
| 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/539173 |
| 推荐引用方式 GB/T 7714 | Espen R. Moen,Plamen T. Nenov,Florian Sniekers. DP10342 Buying First or Selling First in Housing Markets. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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。
