A Dynamic Model of Trade Frictions and Disequilibrium in the Housing Market
构建了一个动态存量-流量模型，分析存在部分租金管制、贸易摩擦和溢出效应的住房市场，通过计算机模拟研究均衡性质、稳定性及对供需冲击的动态响应，并引入黑市模拟。
A dynamic stock-flow model is developed to analyze and simulate housing markets with partial rent control, trade frictions and spillovers. A notion of equilibrium is suggested and related to Walrasian equilibrium. Existence, uniqueness and comparative-statics properties of equilibria are analyzed in some examples of housing markets with and without price control. Stability properties and dynamic responses to demand and supply shocks are studied by means of computer simulations. In a final simulation experiment, a black market for rent-controlled dwelling units is introduced.