PRICES AND TRADING VOLUME IN THE HOUSING-MARKET - A MODEL WITH DOWN-PAYMENT EFFECTS

被引：403
作者：
STEIN, JC [1 ]
机构：
[1] NATL BUR ECON RES,CAMBRIDGE,MA 02138
来源：
QUARTERLY JOURNAL OF ECONOMICS | 1995年 / 110卷 / 02期
基金：
美国国家科学基金会;
关键词：
D O I：
10.2307/2118444
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper presents a simple model of trade in the housing market. The crucial feature is that a minimum down payment is required for the purchase of a new home. The model has direct implications for the volatility of house prices, as well as for the correlation between prices and trading volume. The model can also be extended to address the correlation between prices and time-to-sale, as well as certain aspects of the cyclical behavior of housing starts.
引用
收藏
页码：379 / 406
页数：28
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