2014年12月
A search-theoretic model of the rental and homeownership markets
JOURNAL OF HOUSING ECONOMICS
- 巻
- 26
- 号
- 開始ページ
- 33
- 終了ページ
- 47
- 記述言語
- 英語
- 掲載種別
- 研究論文(学術雑誌)
- DOI
- 10.1016/j.jhe.2014.07.001
- 出版者・発行元
- ACADEMIC PRESS INC ELSEVIER SCIENCE
This paper presents a simple model of the rental and homeownership markets in a unified framework. The paper then investigates the model's positive and normative properties, applying ideas developed in search and matching theory. I analytically address the comparative static and welfare implications of the model. In addition, as an extension toward realism, I consider a version of the model with free entry of housing supply, while the benchmark model assumes exogenous housing supply. To examine the benchmark model's dynamics, I generate the impulse responses of house prices, rents, and housing occupancy patterns to an increase in housing supply and show that house prices react more than rents in the short run. (C) 2014 Elsevier Inc. All rights reserved.
- リンク情報
- ID情報
-
- DOI : 10.1016/j.jhe.2014.07.001
- ISSN : 1051-1377
- eISSN : 1096-0791
- Web of Science ID : WOS:000346460800003