Replication data for: Hot and Cold Seasons in the Housing Market
Principal Investigator(s): View help for Principal Investigator(s) L. Rachel Ngai; Silvana Tenreyro
Version: View help for Version V1
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Replication-Files | 10/11/2019 09:21:PM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/11/2019 05:21:PM |
Project Citation:
Ngai, L. Rachel, and Tenreyro, Silvana. Replication data for: Hot and Cold Seasons in the Housing Market. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112715V1
Project Description
Summary:
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Every year housing markets in the United Kingdom and the United
States experience systematic above-trend increases in prices and
transactions during the spring and summer ("hot season") and
below-trend falls during the autumn and winter ("cold season").
House price seasonality poses a challenge to existing housing models.
We propose a search-and-matching model with thick-market effects.
In thick markets, the quality of matches increases, rising buyers' willingness to pay and sellers' desire to transact. A small, deterministic
driver of seasonality can be amplified and revealed as deterministic
seasonality in transactions and prices, quantitatively mimicking seasonal fluctuations in UK and US markets. (JEL C78, R21, R31)
Scope of Project
JEL Classification:
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C78 Bargaining Theory; Matching Theory
R21 Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
R31 Housing Supply and Markets
C78 Bargaining Theory; Matching Theory
R21 Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
R31 Housing Supply and Markets
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