Selcuk, Cemil (2012): Seasonal cycles in the housing market.
Download (244kB) | Preview
The housing market exhibits a puzzling yet repetitive seasonal boom and bust cycle where prices and trade volume rise in summers and fall in winters. This paper presents a search model that analytically generates the observed deterministic cycle.
|Item Type:||MPRA Paper|
|Original Title:||Seasonal cycles in the housing market|
|Keywords:||housing, search, thin and thick markets, seasonality|
|Subjects:||D - Microeconomics > D3 - Distribution > D39 - Other
D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D83 - Search; Learning; Information and Knowledge; Communication; Belief
D - Microeconomics > D4 - Market Structure and Pricing > D49 - Other
|Depositing User:||Cemil Selcuk|
|Date Deposited:||27. Jan 2012 21:31|
|Last Modified:||11. Feb 2013 19:40|
Bagnoli, M., and Bergstrom, T., 2005. Log-concave Probability and Its Applications. Economic Theory 26, 445-469
Ferraris L., and Watanabe M., 2011. Collateral fluctuations in a monetary economy. Journal of Economic Theory, 146 (2011), 1915-1940
Gill D., and Thanassoulis J., 2011. The Optimal Marketing Mix of Posted Prices Discounts and Bargaining. Oxford, mimeo.
Goodman, J., 1993. A Housing Market Matching Model of the Seasonality in Geographic Mobility. Journal of Real Estate Research 8, 117-137.
Jovanovic, B., 1979. Job Matching and the Theory of Turnover. Journal of Political Economy, 87: 972-90.
Krainer, J., 2001. A Theory of Liquidity in Residential Real Estate Markets. Journal of Urban Economics, 49(1), pp.32-53.
Ngai, L.R., and S. Tenreyro (2010), Hot and Cold Seasons in the Housing Market, LSE mimeo.
Wolinsky, Asher (1988), Dynamic Markets with Competitive Bidding, Review of Economic Studies 55, 71-84.