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

被引：405

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

页码：379 / 406

页数：28

共 28 条

[1]

Case Karl E., 1986, NEW ENGL ECON REV, P38

[2]

CASE KE, 1989, AM ECON REV, V79, P125

[3]

CASE KE, 1990, AREUEA J, V18, P253

[4]

CHALUVADI A, 1991, HOUSING EC, P13