The Decision to Move House and Aggregate Housing-Market Dynamics
利用房屋销售和库存数据，发现住房交易主要由挂牌量驱动而非交易速度，因此搬家决策是理解住房市场的关键。构建模型将搬家视为匹配质量的投资，并用于解释1995-2003年美国住房市场繁荣。
Abstract Using data on house sales and inventories, this paper shows that housing transactions are driven mainly by listings and less so by transaction speed, thus the decision to move house is key to understanding the housing market. The paper builds a model where moving house is essentially an investment in match quality, implying that moving depends on macroeconomic developments and housing-market conditions. The number of transactions has implications for welfare because each transaction reduces mismatch for homeowners. The quantitative importance of the decision to move house is shown in understanding the U.S. housing-market boom during 1995–2003.