HOUSE PRICES, SALES, AND TIME ON THE MARKET: A SEARCH‐THEORETIC FRAMEWORK
评估标准搜索匹配框架能否解释住房市场关键宏观经济时间序列的周期特征，通过校准模型再现房价的周期波动及其与销售、上市时间的联动关系。
We assess the ability of a standard search and matching framework to account for the cyclical properties of key macroeconomic time series of the housing market. We calibrate a model with aggregate demand and supply shocks to match selected business cycle properties of vacancies and sales in the United States. Our model reproduces the cyclical time series properties of house prices and the positive and negative comovement of prices with sales and time on the market, respectively. Search and matching frictions produce trading delays that augment the volatility of prices and propagate the effect of aggregate shocks to future periods.