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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w23449 |
来源ID | Working Paper 23449 |
Speculative Dynamics of Prices and Volume | |
Anthony A. DeFusco; Charles G. Nathanson; Eric Zwick | |
发表日期 | 2017-05-29 |
出版年 | 2017 |
语种 | 英语 |
摘要 | Using data on 50 million home sales from the last U.S. housing cycle, we document that much of the variation in volume came from the rise and fall in speculation. Cities with larger speculative booms have larger price booms, sharper increases in unsold listings as the market turns, and more severe busts. We present a model in which predictable price increases endogenously attract short-term buyers more than long-term buyers. Short-term buyers amplify volume by selling faster and destabilize prices through positive feedback. Our model matches key aggregate patterns, including the lead–lag price–volume relation and a sharp rise in inventories. |
主题 | Macroeconomics ; Business Cycles ; Financial Economics ; Portfolio Selection and Asset Pricing ; Regional and Urban Economics ; Real Estate |
URL | https://www.nber.org/papers/w23449 |
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/581122 |
推荐引用方式 GB/T 7714 | Anthony A. DeFusco,Charles G. Nathanson,Eric Zwick. Speculative Dynamics of Prices and Volume. 2017. |
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 | ||
w23449.pdf(1254KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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