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Can the Mortensen-Pissarides Model Match the Housing Market Facts?

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  • Gaetano Lisi

Abstract

This paper examines whether the Mortensen-Pissarides matching model can account for the housing markets facts, most of all the empirical anomaly known as ‘price dispersion’. Our main finding is that the model can account for the three basic facts of housing market, without any restrictive assumption and in a very simple framework.

Suggested Citation

  • Gaetano Lisi, 2012. "Can the Mortensen-Pissarides Model Match the Housing Market Facts?," EERI Research Paper Series EERI_RP_2012_01, Economics and Econometrics Research Institute (EERI), Brussels.
  • Handle: RePEc:eei:rpaper:eeri_rp_2012_01
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    File URL: http://www.eeri.eu/documents/wp/EERI_RP_2012_01.pdf
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    Keywords

    House prices; time-on-the-market; housing price dispersion; bargaining power; search and matching frictions.;

    JEL classification:

    • R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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