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

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

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Abstract: 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.

Keywords: housing price dispersion; time-on-the-market; trading volume; search and matching process.; search and matching process (search for similar items in EconPapers)
Date: 2012-02-26
New Economics Papers: this item is included in nep-dge and nep-ure
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