Trading Frictions and House Price Dynamics

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 be...

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Veröffentlicht in:	Journal of money, credit and banking credit and banking, 2011-10, Vol.43 (s2), p.283-303
Hauptverfasser:	CAPLIN, ANDREW, LEAHY, JOHN
Format:	Artikel
Sprache:	eng
Schlagworte:	Autocorrelation Bank credit Credit D53 Economic models Home ownership house prices Housing market Housing prices Inventories Inventory L11 Liquidity Market prices Modeling Price changes Prices R31 Securities trading Studies trading frictions trading volume
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