| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14331 |
| DP14331 The Ins and Outs of Selling Houses: Understanding Housing Market Volatility | |
| Liwa Rachel Ngai; Kevin Sheedy | |
| 发表日期 | 2020-01-20 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper documents the cyclical properties of housing-market variables, which are shown to be volatile, persistent, and highly correlated with each other. Is the observed volatility in these variables due to changes in the speed at which houses are sold or changes in the number of houses that are put up for sale? An inflow-outflow decomposition shows that the inflow rate accounts for almost all of the fluctuations in sales volume. The paper then shows that a search-and-matching model with endogenous moving subject to housing demand shocks performs well in explaining fluctuations in housing-market variables. A housing demand shock induces more moving and increases the supply of houses on the market, thus one housing demand shock replicates three correlated reduced-form shocks that would be needed to match the relative volatilities and correlations among key housing-market variables. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Housing market volatility Search frictions Inflow-outflow decomposition Endogenous moving |
| URL | https://cepr.org/publications/dp14331 |
| 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/543222 |
| 推荐引用方式 GB/T 7714 | Liwa Rachel Ngai,Kevin Sheedy. DP14331 The Ins and Outs of Selling Houses: Understanding Housing Market Volatility. 2020. |
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