Search, Liquidity, and the Dynamics of House Prices and Construction
研究了106个美国城市房价、销售、建设和人口增长对收入冲击的动态响应，并构建了一个住房市场搜索模型，该模型能解释交易价格序列相关的增长现象。
The dynamics of house prices, sales, construction, and population growth in response to city-specific income shocks are characterized for 106 US cities. A dynamic model of search in the housing market in which construction, the entry of buyers, house prices, and sales are determined in equilibrium is then developed. The theory generates dynamics qualitatively consistent with the observations and a version calibrated to match key features of the US housing market offers a substantial quantitative improvement over models without search. In particular, variation in the time it takes to sell induces transaction prices to exhibit serially correlated growth.