文章基本信息

标题：Hot and Cold Seasons in the Housing Market
本地全文：下载
作者：L. Rachel Ngai ; Silvana Tenreyro
期刊名称：CEP Discussion Paper
出版年度：2009
卷号：2009
期号：apr
出版社：Centre for Economic Performance
摘要：Every year during the second and thirdquarters (the “hot season”) housing markets in the UK and the US experience systematic above-trend increases in both prices and transactions. During the fourth and first quarters (the “cold season”), house prices and transactions fall below trend. We propose a search-and-matching framework that sheds new light on the mechanisms governing housing market fluctuations. The model has a “thick-market” effect that can generate substantial differences in the volume of transactions and prices across seasons, with the extent of seasonality in prices depending crucially on the bargaining power of sellers. The model can quantitatively mimic the seasonal fluctuations in transactions and prices observed in the UK and the US.
关键词：housing market, thick-market effects, search-and-matching, seasonality, house price fluctuations