文章基本信息

标题：Matching and credit frictions in the housing market
本地全文：下载
作者：Essi Eerola ; Niku Määttänen
期刊名称：Bank of Finland Research Discussion Papers (früher: Bank of Finland Discussion Papers)
印刷版ISSN：0785-3572
电子版ISSN：1456-6184
出版年度：2015
卷号：2015
出版社：Suomen Pankki = Bank of Finland
摘要：We study the interaction of matching and credit frictions in the housing market. In the model, risk-averse households may save or borrow in order to smooth consumption over time and finance owner housing. Prospective sellers and buyers meet randomly and bargain over the price. We analyze how borrowing constraints influence house price determination in the presence of matching frictions. We also show that credit frictions greatly magnify the effects of matching frictions. For instance, in the presence of matching frictions, a moderate tightening of the borrowing constraint increases idiosyncratic price dispersion and the average time-onthe- market substantially. Keywords: Housing, Borrowing constraint, Matching. JEL: E21, R21, C78.