History Dependence in the Housing Market
利用英格兰和威尔士20年住房交易数据，发现售价和出售倾向受之前购买时房价的影响，认知摩擦解释售价历史依赖，信贷摩擦解释出售倾向历史依赖，并估计了历史依赖对危机后市场活动崩溃和缓慢复苏的影响。
Using data on the universe of housing transactions in England and Wales over a 20-year period, we document that sale prices and selling propensities are affected by house prices prevailing in the period in which properties were previously bought. Using administrative data on mortgages, we show that cognitive frictions explain most of the history dependence in sale prices, whereas credit frictions are more relevant for selling propensities. We corroborate our analysis with data on online house listings, and we estimate the impact of history dependence on the collapse and slow recovery of housing market activity in the postcrisis period.