Prices and Trading Volume in the Housing Market: A Model with Down-Payment Effects
构建了一个住房市场交易模型，核心特征是购房需最低首付，模型解释了房价波动性及价格与交易量的相关性，还可扩展至价格与销售时间、住房开工周期行为。
This paper presents a simple model of trade in the housing market. The crucial feature is that a minimum down payment is required for the purchase of a new home. The model has direct implications for the volatility of house prices, as well as for the correlation between prices and trading volume. The model can also be extended to address the correlation between prices and time-to-sale, as well as certain aspects of the cyclical behavior of housing starts.