Internet Search Behavior, Liquidity and Prices in the Housing Market
利用荷兰住房市场的互联网点击数据，构建市场紧度指标，发现其能预测房价和流动性变化，需求冲击会暂时提高流动性并永久推高城市房价。
Abstract We employ detailed internet search data to examine price and liquidity dynamics of the Dutch housing market. We show that the number of clicks on properties listed online proxies demand and the number of listed properties proxies supply. From this internet search behavior, we create a market tightness indicator and we find that this indicator Granger causes changes in both house prices and housing market liquidity. The results of a panel VAR suggest that a demand shock results in a temporary increase in liquidity and a permanent increase in prices in urban areas. This is in accordance with search and matching models.