| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10346 |
| DP10346 Moving House | |
| Liwa Rachel Ngai; Kevin Sheedy | |
| 发表日期 | 2015-01-11 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Using data on house sales and inventories of unsold houses, this paper shows that changes in sales volume are largely explained by changes in the frequency at which houses are put up for sale rather than changes in the length of time taken to sell them. Thus the decision to move house is key to understanding the volume of sales. This paper builds a model where homeowners chose when to move house, which can be seen as an investment in housing match quality. Since moving house is an investment with upfront costs and potentially long-lasting benefits, the model predicts that the aggregate moving rate depends on macroeconomic variables such as interest rates. The endogeneity of moving also means that those who move come from the bottom of the existing match quality distribution, which gives rise to a cleansing effect and leads to overshooting of housing-market variables. |
| 主题 | International Macroeconomics |
| 关键词 | Housing market Search and matching Endogenous moving Match quality investment |
| URL | https://cepr.org/publications/dp10346 |
| 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/539177 |
| 推荐引用方式 GB/T 7714 | Liwa Rachel Ngai,Kevin Sheedy. DP10346 Moving House. 2015. |
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