Housing Prices and Credit Constraints in Competitive Search
研究发现，在竞争性搜索市场中，更富有且风险规避的买家会支付更高价格以加速交易。校准模型显示，长期来看，信贷可得性增加对房价的影响在住房供给弹性低时尤为显著。
Abstract Wealthier, risk-averse buyers pay more to speed up transactions in competitive search markets. This result is established in a dynamic housing model where households save to smooth consumption and build a down payment. ‘Block recursivity’ is ensured by the existence of risk-neutral housing intermediaries. In the long run, the calibrated benchmark features higher indebtedness and house prices than a Walrasian model, especially when housing supply elasticity is low. The long-run price effects of greater credit availability are much larger if rental and owner-occupied stocks are segmented, but even without segmentation they can be substantial when supply elasticity is low.