| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15955 |
| 来源ID | Working Paper 15955 |
| A Dynamic Model of Housing Demand: Estimation and Policy Implications | |
| Patrick Bajari; Phoebe Chan; Dirk Krueger; Daniel Miller | |
| 发表日期 | 2010-04-29 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and simulate a dynamic structural model of housing demand. Our model generalizes previous applied econometric work by incorporating realistic features of the housing market including non-convex adjustment costs from buying and selling a home, credit constraints from minimum downpayment requirements and uncertainty about the evolution of incomes and home prices. We argue that these features are critical for capturing salient features of housing demand observed in the PSID. After estimating the model we use it to simulate how consumer behavior responds to house price and income declines as well as tightening credit. These experiments are motivated by the U.S. recession starting in December of 2007 that saw large falls in home prices, large negative income shocks for many households and tightening credit standards. In the short run, relatively few households adjust their housing stock. Households respond instead by reducing non-housing consumption and reducing wealth because they wish to avoid losing their home and the associated adjustment costs. Households that adjust in the short run are those hit with a series of bad shocks, such as a negative income shock and a home price decline. A larger proportion of households do adjust their consumption in the long run, increasing their housing stock since housing is less expensive. However, such changes may occur several years after the shocks listed above. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w15955 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573631 |
| 推荐引用方式 GB/T 7714 | Patrick Bajari,Phoebe Chan,Dirk Krueger,et al. A Dynamic Model of Housing Demand: Estimation and Policy Implications. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15955.pdf（329KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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