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

  • Gaetano Lisi

    ()

    (University of Cassino - Creativity and Motivations (CreaM) Economic Center)

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    This paper examines whether the baseline Mortensen-Pissarides matching model can account for the housing market facts, namely, the existence of price dispersion, the positive correlation between housing price and trading volume, and between housing price and time-on-the-market. Our main finding is that the model can account for these three basic facts of the housing market, thus showing that the Mortensen-Pissarides framework can be seen as the benchmark macroeconomic model not only for the labour market but for any market with frictions.

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    File URL: http://hal.archives-ouvertes.fr/docs/00/69/46/28/PDF/Lisi_2012_new_version_.pdf
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    Paper provided by HAL in its series Working Papers with number hal-00676072.

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    Date of creation: 26 Feb 2012
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    Handle: RePEc:hal:wpaper:hal-00676072
    Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00676072
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    1. James Albrecht & Axel Anderson & Eric Smith & Susan Vroman, 2007. "Opportunistic Matching In The Housing Market," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 48(2), pages 641-664, 05.
    2. Christopher A. Pissarides, 2000. "Equilibrium Unemployment Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262161877, June.
    3. Charles Ka Yui Leung & Youngman Chun Fai Leong & Siu Kei Wong, 2005. "Housing Price Dispersion: an empirical investigation," Discussion Papers 00012, Chinese University of Hong Kong, Department of Economics.
    4. Brian Petereson, 2009. "Fooled by Search: Housing Prices, Turnover and Bubbles," Caepr Working Papers 2009-004, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
    5. Gaetano Lisi, 2011. "The Hedonic Price Function in a Matching Model of Housing Market," Economics Bulletin, AccessEcon, vol. 31(3), pages 2347-2355.
    6. Charles Ka Yui Leung & Jun Zhang, 2011. "¡§Fire Sales¡¨ in Housing Market: Is the House- Search Process Similar to a Theme Park Visit?," International Real Estate Review, Asian Real Estate Society, vol. 14(3), pages 311-329.
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