文章基本信息

标题：Owner-occupied housing as an investment, regional house price cycles and residential sorting
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作者：Markus Haavio – Heikki Kauppi
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：2011
卷号：2011
出版社：Suomen Pankki = Bank of Finland
摘要：We develop a dynamic multi-region model, with .uctuating regional house prices, where an owner-occupied household.s location choice depends on its current wealth and its current type and involves both consumption and investment considerations. The relative strength of the consumption motive and the investment motive in the location choice determines the equilibrium pattern of residential sorting, with a strong investment (consumption) motive implying sorting according to the type (wealth). The model predicts a negative relation between the size of house price .uctuations and the degree of residential sorting in the type dimension. Also, movers should be more sorted than stayers in the type dimension. These predictions are consistent with evidence from US metropolitan areas when income, education and age are used as proxies for household type.
关键词：Residential sorting, House prices, Consumption motive, Invest- ment motive, Incomplete markets, Household mobility