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

Gaetano Lisi

EERI Research Paper Series from Economics and Econometrics Research Institute (EERI), Brussels

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.

Keywords: House prices; time-on-the-market; housing price dispersion; bargaining power; search and matching frictions. (search for similar items in EconPapers)
JEL-codes: D40 D83 R0 R21 R31 (search for similar items in EconPapers)
Date: 2012-01-01
New Economics Papers: this item is included in nep-dge and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:eei:rpaper:eeri_rp_2012_01

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