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来源类型Working Paper
规范类型报告
DOI10.3386/w23449
来源IDWorking 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
URLhttps://www.nber.org/papers/w23449
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/581122
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Anthony A. DeFusco,Charles G. Nathanson,Eric Zwick. Speculative Dynamics of Prices and Volume. 2017.
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