Market thickness and the impact of unemployment on housing market outcomes

被引：12

作者：

Gan, Li ^{[1
]}

Wang, Pengfei ^{[2
]}

Zhang, Qinghua ^{[3
]}

机构：

[1] Texas A&M Univ, College Stn, TX 77843 USA

[2] Hongkong Univ Sci & Technol, Hong Kong, Hong Kong, Peoples R China

[3] Peking Univ, Beijing, Peoples R China

来源：

JOURNAL OF MONETARY ECONOMICS | 2018年 / 98卷

基金：

美国国家科学基金会;

关键词：

Housing markets; Unemployment; Thick-market effect; Search-and-matching; LOSS AVERSION; PRICES; SEARCH; EQUITY; TIME; CONSTRAINTS; DYNAMICS; MOBILITY; INCOME; SALES;

D O I：

10.1016/j.jmoneco.2018.04.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A search-and-matching model is developed to study how unemployment influences the housing market in the presence of the thick-market effect. A structural estimation of the model is conducted based on Texas city-level data that covers three years-1990, 2000 and 2010. Simulations help clarify how much the thick-market effect amplifies the impact of unemployment. A three-percentage-point increase in the unemployment rate lowers the price by 10.74% and reduces the transaction volume by 5.49%. Incorporating a feedback mechanism from housing prices to unemployment strengthens the amplification magnitude of the thick-market effect. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：27 / 49

页数：23

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