| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9427 |
| DP9427 Hot and Cold Seasons in the Housing Market | |
| Liwa Rachel Ngai; Silvana Tenreyro | |
| 发表日期 | 2013-04-14 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Every year housing markets in the United Kingdom and the United States experience systematic above-trend increases in both prices and transactions during the second and third quarters (the "hot season") and below-trend falls during the fourth and first quarters (the "cold season"). House price seasonality poses a challenge to existing models of the housing market. To explain seasonal patterns, this paper develops a matching model that emphasizes the role of match-specific quality between the buyer and the house and the presence of thick-market effects in housing markets. It shows that a small, deterministic driver of seasonality can be amplified and revealed as deterministic seasonality in transactions and prices, quantitatively mimicking the seasonal fluctuations in transactions and prices observed in the United Kingdom and the United States. |
| 主题 | International Macroeconomics |
| 关键词 | House price fluctuations Housing market Match quality Search-and-matching Seasonality Thick-market effects |
| URL | https://cepr.org/publications/dp9427 |
| 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/538263 |
| 推荐引用方式 GB/T 7714 | Liwa Rachel Ngai,Silvana Tenreyro. DP9427 Hot and Cold Seasons in the Housing Market. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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