Lisi, Gaetano (2012): Can the Mortensen-Pissarides model match the housing market facts?
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This paper examines whether the Mortensen-Pissarides matching model can account for the housing market facts, most of all the empirical anomaly known as ‘price dispersion’. Our main finding is that the model can account for the three basic facts of housing market (namely, the existence of price dispersion, the positive correlation between housing price and trading volume, and between housing price and time-on-the market), without any restrictive assumption and in a very simple framework.
|Item Type:||MPRA Paper|
|Original Title:||Can the Mortensen-Pissarides model match the housing market facts?|
|Keywords:||housing price dispersion, time-on-the-market, bargaining power, search and matching frictions|
|Subjects:||J - Labor and Demographic Economics > J6 - Mobility, Unemployment, and Vacancies > J63 - Turnover; Vacancies; Layoffs
R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R3 - Real Estate Markets, Production Analysis, and Firm Location > R31 - Housing Supply and Markets
R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R2 - Household Analysis > R21 - Housing Demand
|Depositing User:||Gaetano Lisi|
|Date Deposited:||20. Feb 2012 01:33|
|Last Modified:||11. Feb 2013 16:57|
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Available Versions of this Item
Can the Mortensen-Pissarides model match the housing market facts? (deposited 20. Feb 2012 01:33)
- Can the Mortensen-Pissarides model match the housing market facts? (deposited 02. Mar 2012 20:42)