Hot and Cold Markets
研究了住房市场条件（如买卖双方比例、预期销售时间和交易价格）为何对基本面变化高度敏感，这种敏感性源于市场参与者的反馈机制，例如需求冲击会通过买卖双方互动被放大。
This article considers why housing market conditions, including the ratio of buyers to sellers, expected time‐to‐sale and transaction prices are sensitive to fundamentals. These high sensitivities result from feedback: market participants optimally respond to shocks in a manner that amplifies a shock's initial impact, which in turn elicits further reinforcing responses. For example, a positive demand shock brings more buyers into a market. This improves the bargaining position of sellers, who then sell more quickly, decreasing the stock of sellers in the market. This further increases the relative number of buyers to sellers, amplifying the initial shock.