Second‐home buying and the housing boom and bust
估计了第二套房购买（现有房主额外购房）对房地产繁荣与萧条的影响，发现第二套房购买多的地区房价和建筑就业在2000-2006年增长更快，2006-2010年收缩更剧烈，表明信贷需求变化放大了住房周期。
Abstract I estimate the effects of second‐home buying (existing homeowners acquiring additional properties) on the housing boom and bust, by constructing a new measure and using a new identification strategy based on the rise in out‐of‐town demand for second homes in vacation areas during the housing boom. Areas with plausibly exogenous higher second‐home buying experienced a sharper boom and bust: faster growth in house prices and construction employment from 2000 to 2006, and a sharper contraction from 2006 to 2010. The results suggest that changes in credit demand were important in amplifying the recent housing cycle.