Borrowing constraints and housing market liquidity
研究了家庭借贷约束变化如何影响住房市场流动性，发现借贷约束适度收紧会显著增加平均挂牌时间和价格离散程度。
We study how changes in household borrowing constraints influence housing market liquidity. To this end, we develop a housing market model with both matching and credit frictions. In the model, risk-averse households may save or borrow in order to smooth consumption over time and finance owner housing. Prospective sellers and buyers meet randomly and bargain over the price. In the model, housing market liquidity is very sensitive to changes in household credit conditions. In particular, a moderate tightening of household borrowing constraints increases the average time-on-the-market and idiosyncratic price dispersion substantially. (Copyright: Elsevier)