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Trading frictions and house price dynamics

Caplin, Andrew - ; Leahy, John - ;

We model liquidity in housing markets. The model provides a simple characterization for the joint process of prices, sales, and inventory. We compare the implications of the model to certain properties of housing markets. The model can generate the large price changes and the positive correlation between prices and sales that we see in the data. Unlike the data, prices are negatively autocorrelated and high inventory predicts price appreciation. We investigate several amendments to the model. Informational frictions show promise.Printed journal


Ketersediaan

Call NumberLocationAvailable
JMCB43S2PSB lt.dasar - Pascasarjana1
Penerbit: The Ohio State University
Edisi-
SubjekLiquidity
Economic models
Securities trading
Housing prices
studies
ISBN/ISSN222879
Klasifikasi-
Deskripsi Fisik-
Info Detail Spesifik-
Other Version/RelatedTidak tersedia versi lain
Lampiran BerkasTidak Ada Data

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