经济与社会研究院SEMINAR第157期

题目：The Decision to Move House and Aggregate Housing-Market Dynamics

主讲人：Liwa Rachel Ngai，伦敦政治经济学院

时间：2019年5月20日，13:30-15:00

地点：暨南大学中惠楼106B室

主讲人简介：

Rachel Ngai is an Associate Professor in the Department of Economics at the London School of Economics and Political Science (LSE) and a member of Centre for Macroeconomics (CfM). She is also a Research Fellow at the Centre for Economic Policy Research (CEPR). Her research interests span the theory of economic growth, labour markets and housing markets, with focus on the structural transformation, time allocation across gender and across countries, and fluctuations in the housing market. She has received a B.Sc. in Economics from HKUST and a Ph.D. in Economics from University of Pennsylvania in 2001.

Abstract:

Using data on house sales and inventories, this paper shows that housing transactions are driven mainly by listings and less so by transaction speed, thus the decision to move house is key to understanding the housing market. The paper builds a model where moving house is essentially an investment in match quality, implying that moving depends on macroeconomic developments and housing-market conditions. The number of transactions has implications for welfare because each transaction reduces the degree of mismatch for homeowners. The quantitative importance of the decision to move house is shown in understanding the U.S. housing market boom during 1995–2003.