Can the Mortensen-Pissarides model match the housing market facts?

MPRA Paper from University Library of Munich, Germany

Abstract: This paper examines whether the Mortensen-Pissarides matching model can account for the housing market 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 (namely, the existence of price dispersion, the positive correlation between housing price and trading volume, and between housing price and time-on-the market), without any restrictive assumption and in a very simple framework.

Keywords: housing price dispersion; time-on-the-market; bargaining power; search and matching frictions (search for similar items in EconPapers)
JEL-codes: J63 R21 R31 (search for similar items in EconPapers)
Date: 2012-01-04
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https://mpra.ub.uni-muenchen.de/36769/1/MPRA_paper_36769.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/37010/1/MPRA_paper_37010.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/38587/1/MPRA_paper_38587.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/43524/1/MPRA_paper_43524.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/46032/1/MPRA_paper_46032.pdf revised version (application/pdf)

Related works:
Journal Article: Can the Mortensen-Pissarides Model Match the Housing Market Facts? (2013)
Working Paper: Can the Montersen-Pissarides Model Match the Housing Market Facts? (2013)
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