Trading Frictions and House Price Dynamics
建立了一个住房市场流动性模型，描述价格、销售和库存的联合动态，解释了房价大幅波动及价格与销售正相关等数据特征，并探讨了信息摩擦等修正方案。
We model liquidity in housing markets. The model provides a simple characterization for the joint process of prices, sales, and inventory. We compare the implications of the model to certain properties of housing markets. The model can generate the large price changes and the positive correlation between prices and sales that we see in the data. Unlike the data, prices are negatively autocorrelated and high inventory predicts price appreciation. We investigate several amendments to the model. Informational frictions show promise.