The Propagation of Demand Shocks through Housing Markets
研究发现，降低抵押保险保费刺激首次购房需求，通过减少房主同时持有两套住房的成本，产生乘数效应，尤其在冷市场中效果显著。
Housing demand stimulus produces a multiplier effect by freeing up owners attempting to sell their current home, allowing them to reenter the market as buyers. Exploiting a shock to first-time home buyer demand caused by a cut in mortgage insurance premiums, we find that homeowners buy their next home sooner when the probability of their current home selling increases. We build and calibrate a search model that explains these findings as a result of homeowners avoiding the cost of owning two homes simultaneously. Simulations demonstrate that stimulus to home buying generates a substantial multiplier effect, particularly in cold markets.