| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19564 |
| 来源ID | Working Paper 19564 |
| Market Thickness and the Impact of Unemployment on Housing Market Outcomes | |
| Li Gan; Qinghua Zhang | |
| 发表日期 | 2013-10-24 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper develops a search-matching model to study the impact of the unemployment rate on the housing market in the presence of the thick market effect. We estimate the structural model using Texas city-level data that covers three years, 1990, 2000 and 2010. Our structural estimation helps identify the channel through which the thick market effect amplifies the impact of the unemployment rate on housing market outcomes. Specifically, we show that an increase in the unemployment generates a thinner market, which leads to poorer matching quality on average. As a consequence, prices and the transaction volume both decline more than in the absence of the thick market effect. Simulations based on our estimates predict that a three percentage-point increase in the unemployment rate lowers the price by 7.74% and reduces the transaction volume by 9.98%. In addition, larger cities with more population experience milder changes in prices in response to changes in the unemployment rate compared to smaller cities. |
| 主题 | Industrial Organization ; Market Structure and Firm Performance ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w19564 |
| 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/577239 |
| 推荐引用方式 GB/T 7714 | Li Gan,Qinghua Zhang. Market Thickness and the Impact of Unemployment on Housing Market Outcomes. 2013. |
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