The Housing Market (s) of San Diego
利用分配模型研究都市区内房价的横截面差异，发现2000年代繁荣期间对贫困家庭更便宜的信贷是房价的主要驱动因素，尤其是低端市场。
This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers’ demand for housing is derived from a life-cycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by age, income, and wealth. To quantify the model, we measure distributions of house prices, house qualities, and mover characteristics from micro-data on San Diego County during the 2000s boom. The main result is that cheaper credit for poor households was a major driver of prices, especially at the low end of the market.