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題名：經濟波動與房地產交易之價量關係：搜索模型之應用
書刊名：住宅學報
作者：高慈敏 引用關係
作者(外文)：Kao, Tzu-min
出版日期：2014
卷期：23:2
頁次：頁21-55
主題關鍵詞：搜索模型；隨機優勢；媒合模型；均數固定變異擴張；核函數；Search model；Stochastic dominance；Match model；Mean-preserving spreads；Kernel density function
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  • 共同引用共同引用:51
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本文嘗試建構一個搜索媒合模型，討論房地產交易之價量關係。研究發現經濟不穩定， 會影響買賣雙方進入市場決策，使市場交易趨於冷清，造成交易量萎縮。價格變動則視起始 條件而定，若供給(需求)意願對交易量衝擊彈性小，供給(需求)意願下降，會使價格出現漲 (跌)勢；反之供給(需求)意願對交易量衝擊彈性大，供給(需求)意願下降，反而會使價格出現 跌(漲)勢。以上現象可以解釋房地產市場，逢經濟不穩定，市場交易冷清；經濟穩定，市場轉 趨熱絡現象。經濟穩定有助於創造交易量，縮短買方、賣方搜索期限。訊息成本下降，有助 於降低買賣雙方房價差距，使價格趨於基礎價格。
This paper constructs a search matching model to discuss the trading volume and price in relation to real estate transactions. We find that economic instability will affect the decisionmaking of buyers (sellers), and their willingness to trade in the market. Economic fluctuations will result in a shrinking trading volume. The price effect on the sell or buy decision depends on the initial condition. If the trading volume elasticity of intention to sell (buy) is less than 1, sellers (buyers) exiting the market will induce prices to increase (decrease). On the contrary, if the trading volume elasticity of intention to sell (buy) is greater than 1, sellers (buyers) exiting the market will induce prices to decrease (increase). These correlations can help explain why the real estate markets will become thick (thin) markets during an economic boom (bust). Economic stability will help create trading volume and shorten the search duration of buyers and sellers. A decrease in transaction costs will help reduce the price gap between buyers and sellers, and the prices will tend to be fundamental values.
期刊論文
1.Krainer, J.(2001)。A Theory of Liquidity in Residential Real Estate Markets。Journal of Urban Economics，49(1)，32-53。  new window
2.楊雅婷、彭建文(20031100)。房價結構性改變之檢測--以臺北縣、市房價為例。臺灣土地研究，6(2)，43-60。new window  延伸查詢new window
3.Kearl, J.、Mishkin, F.(1977)。Illiquidity, the Demand for Residential Housing, and Monetary Policy。The Journal of Finance，32(5)，1571-1586。  new window
4.Kiyotaki, Nobuhiro、Wright, Randall(1993)。A Search-Theoretic Approach to Monetary Economics。The American Economic Review，83(1)，63-77。  new window
5.Mortensen, Dale T.、Pissarides, Christopher A.(1994)。Job Creation and Job Destruction in the Theory of Unemployment。The Review of Economic Studies，61(3)，397-415。  new window
6.Pissarides, Christopher A.(1985)。Short-Run Equilibrium Dynamics of Unemployment Vacancies, and Real Wages。American Economic Review，75(4)，676-690。  new window
7.Rogerson, R.、Shimer, R.、Wright, R.(2005)。Search-Theoretic Models of the Labor Market: A Survey。Journal of Economic Literature，43(4)，959-988。  new window
8.Shimer, R.、Smith, L.(2000)。Assortative Matching and Search。Econometrica，68(2)，343-369。  new window
9.張金鶚、高國峰、林秋瑾(20010200)。臺北市合理房價--需求面分析。住宅學報，10(1)，51-66。new window  延伸查詢new window
10.彭建文、張金鶚(20000600)。預期景氣與宣告效果對房地產景氣影響之研究。管理學報，17(2)，343-368。new window  延伸查詢new window
11.蔡怡純、陳明吉(20081200)。臺北地區不動產價格波動之不對稱性探討。住宅學報，17(2)，1-11。new window  延伸查詢new window
12.Jovanovic, Boyan(1979)。Job Matching and the Theory of Turnover。Journal of Political Economy，87(5, Part 1)，972-990。  new window
13.彭建文、林秋瑾、楊雅婷(20041100)。房價結構性改變影響因素分析--以臺北市、臺北縣房價為例。臺灣土地研究，7(2)，27-46。new window  延伸查詢new window
14.李春長(20080600)。資訊揭露、信任、搜尋成本對委託房屋仲介業售屋意願之實證研究--以高雄市為例。住宅學報，17(1)，71-104。new window  延伸查詢new window
15.Stigler, George Joseph(1961)。The Economics of Information。Journal of Political Economy，69(3)，213-225。  new window
16.Grossman, Sanford J.、Stiglitz, Joseph E.(1980)。On the Impossibility of Informationally Efficient Markets。The American Economic Review，70(3)，393-408。  new window
17.Case, K. E.、Shiller, R. J.(1989)。The Efficiency of the Market for Single-Family Homes。The American Economic Review，79(1)，125-137。  new window
18.McCall, John J.(1970)。Economics of Information and Job Search。Quarterly Journal of Economics，84(1)，126-133。  new window
19.Stein, J. C.(1995)。Prices and Trading Volume in the Housing Market: A Model with Down-Payment Effects。Quarterly Journal of Economy，110(2)，379-406。  new window
20.Wheaton, William C.(1990)。Vacancy, Search, and Prices in a Housing Market Matching Model。Journal of Political Economy，98(6)，1270-1292。  new window
21.Genesove, D.、Mayer, C. J.(1997)。Equity and time to sale in the real estate market。The American Economic Review，87(3)，255-269。  new window
22.Mortensen, D. T.(1988)。Matching: Finding a Partner for Life or Otherwise。American Journal of Sociology，94，215-240。  new window
會議論文
1.Leamer, E.(2007)。Housing and the Business Cycle。Federal Reserve Bank of Kansas City's Economic Symposium，(會議日期: 2007/08/31)。  new window
圖書
1.International Monetary Fund(2008)。World Economic Outlook: Financial Stress, Downturns, and Recoveries。Washington, DC：International Monetary Fund Press。  new window
2.Eichberger, J.、Harper, I. R.(1997)。Financial Economics。New York：Oxford University Press。  new window
3.Sargent, Thomas J.(1987)。Dynamic Macroeconomic Theory。Harvard University Press。  new window
 
 
 
 
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