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Housing Prices and Credit Constraints in Competitive Search

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  • Díaz, Antonia
  • Jerez, Belén
  • Rincón-Zapatero, Juan Pablo

Abstract

In this paper we embed a directed search model of the real estate market into a heterogeneous agents setting to study the effect of credit on housing prices. Households can either rent or own their home and face idiosyncratic turnover shocks which make them want to change residence. They can accumulate financial assets to put a down payment on a home and to smooth consumption. Search and matching frictions generate frictional dispersion in housing prices and financial assets in equilibrium. Our model is “block recursive” and highly tractable. We calibrate it to reproduce selected statistics for the US. We extend the Endogenous Grid Method with non-convexities to our environment to compute it. In our framework the distribution of wealth, housing prices, and trading probabilities (e.g. liquidity of housing assets) are crucially affected by credit conditions. Our mechanism greatly amplifies the effect of changes in financial conditions on housing prices.

Suggested Citation

  • Díaz, Antonia & Jerez, Belén & Rincón-Zapatero, Juan Pablo, 2019. "Housing Prices and Credit Constraints in Competitive Search," UC3M Working papers. Economics 28874, Universidad Carlos III de Madrid. Departamento de Economía.
  • Handle: RePEc:cte:werepe:28874
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    1. Housing prices and credit constraints in competitive search
      by Christian Zimmermann in NEP-DGE blog on 2020-07-24 20:24:39

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    More about this item

    Keywords

    Wealth Inequality;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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