Relationship of Housing Price and Trade Volume:An Explanation Based on Dynamic Stock-Flow Model
基于存量-流量住房模型，分析了外生冲击下房价、建设量和存量的调整，发现开发滞后导致存量调整缓慢是房价与交易量剧烈联动的主因，且首付和信息理论不适用于中国住房市场。
Based on the Stock-Flow housing model,the authors analyze the adjustment of housing price,construction and stock under the exogenous strike,and we discuss a method to explain the Price-Volume relationship.They find that the explanation of down payment and information theory is not fit to Chinese housing market.The main reason of dramatically co-movement of price and trade volume is that the lag of development which lead to the slow adjustment of stock.