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Prices and Trading Volume in the Housing Market: A Model with Downpayment Effects / Jeremy C. Stein.
- Format:
- Book
- Author/Creator:
- Stein, Jeremy C.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w4373.
- NBER working paper series no. w4373
- Language:
- English
- Subjects (All):
- Emigration and immigration.
- Housing--Prices.
- Housing.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Prices and Trading Volume in the Housing Market
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1993.
- Cambridge, Mass. : National Bureau of Economic Research, 1993.
- Summary:
- This paper presents a simple model of trade in the housing market. The crucial feature is that a minimum downpayment is required for the purchase of a new home. The model has direct implications for the volatility of house prices, as well as for the correlation between prices and trading volume. The model can also be extended to address the correlation between prices and time-to-sale, as well as certain aspects of the cyclical behavior of housing starts.
- Notes:
- Print version record
- March 1993.
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