INFORMATION FRICTIONS AND HOUSING MARKET DYNAMICS
研究了卖方对房屋价值的不确定性如何影响住房市场，利用挂牌和交易数据发现卖方缺乏完全信息，构建包含贝叶斯学习的动态微观搜索模型，解释了卖方微观决策及对市场动态的影响，并产生短期价格动量效应。
I examine the effects of seller uncertainty over their home value on the housing market. Using evidence from home listings and transactions data, I first show that sellers do not have full information about current period demand conditions for their homes. I incorporate this type of uncertainty into a dynamic microsearch model of the home selling problem with Bayesian learning. The estimated model highlights how information frictions help to explain the microdecisions of sellers and how these microdecisions affect aggregate market dynamics. The model generates a significant microfounded momentum effect in short‐run aggregate price appreciation rates.