ENDOGENOUS SOURCES OF VOLATILITY IN HOUSING MARKETS: THE JOINT BUYER–SELLER PROBLEM
发现现有房主在同一都市区内卖旧买新的内部迁移行为是住房交易量波动的主要驱动因素，并构建搜索模型揭示其内生波动机制，对理解住房市场周期有重要价值。
Abstract This article presents new empirical evidence that internal movement—selling one home and buying another—by existing homeowners within a metropolitan housing market is especially volatile and a substantial driver of fluctuations in transaction volume over the housing market cycle. We develop a search model that shows that the strong procyclicality of internal movement is driven by the cost of simultaneously holding two homes, which varies endogenously over the cycle. The estimated model shows that frictions related to this joint buyer–seller problem substantially amplify cyclical price volatility in housing markets.