The Effects of Price Risk on Housing Demand: Empirical Evidence from U.S. Markets
研究了价格风险如何通过金融风险效应和套期保值效应影响住房需求，发现套期保值动机强的家庭会因价格风险增加购房，而动机弱的家庭则会减少购房。
This article examines how price risk affects housing demand. It identifies two relevant channels: a financial risk effect that reduces demand, and a hedging effect that increases demand since current homes may hedge future housing costs. The latter dominates when hedging incentives are strong, namely when the likelihood of moving up the housing ladder is high and the tendency to move across markets is low. For households with weak hedging incentives, the article finds negative effects of price risk on the timing and size of home purchases, but positive effects for households with strong hedging incentives. The Author 2010. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.