Housing market dynamics in a search economy.

Li, Kun.Thesis (M.Phil.)--Chinese University of Hong Kong, 2009.Includes bibliographical references (leaves 52-54).Abstract also in Chinese.Chapter 1 --- Introduction --- p.1Chapter 1.1 --- Stylized Facts --- p.3Chapter 1.2 --- Literature Review --- p.5Chapter 1.3 --- Model Framework --- p.8Chapter 2 --- The Model --- p.10Chapter 2.1 --- The Basic Setting --- p.10Chapter 2.2 --- Basic Assumptions of the Model --- p.14Chapter 2.3 --- The Bargaining Process --- p.15Chapter 2.4 --- The Determination of Ratios --- p.17Chapter 2.4.1 --- The Rent-Price Ratio --- p.17Chapter 2.5 --- Empirical Evidence --- p.17Chapter 2.5.1 --- Data Sources --- p.18Chapter 2.5.2 --- Estimation Strategy --- p.19Chapter 2.5.3 --- Estimation Results and Discussions --- p.20Chapter 3 --- The Model in the Long Run --- p.23Chapter 3.1 --- Assumptions --- p.23Chapter 3.2 --- Population Dynamics of the Model --- p.24Chapter 3.3 --- Comparative Statics --- p.25Chapter 3.4 --- Simulation Results in the Long Run --- p.28Chapter 3.4.1 --- Housing Market Parameters Variation --- p.28Chapter 3.4.2 --- Rental Market Parameters Variation --- p.31Chapter 3.5 --- Discussion --- p.34Chapter 4 --- The Model in the Short Run --- p.35Chapter 4.1 --- Assumptions in the Short Run --- p.35Chapter 4.2 --- Short-run Dynamics --- p.36Chapter 4.3 --- Simulation Results in the Short Run --- p.37Chapter 4.4 --- Discussions --- p.41Chapter 5 --- The Dynamics of the Model --- p.42Chapter 5.1 --- Dynamic Population and Bellman Equations --- p.42Chapter 5.2 --- Transition Path in the Dynamics --- p.43Chapter 5.2.1 --- Temporary Shocks and Impulse Responses --- p.43Chapter 5.2.2 --- The Transition Path for Permanent Shocks --- p.45Chapter 6 --- Further Research Directions --- p.47Chapter 6.1 --- Tenure Choice in the Model --- p.47Chapter 6.2 --- Market Accessability --- p.48Chapter 6.3 --- The ´ةMismatch´ة Approach --- p.49Chapter 7 --- Conclusion --- p.50Bibliography --- p.52Chapter A --- Simulation on Long-run Equilibrium --- p.55Chapter B --- Simulation on Short-run Equilibrium --- p.60Chapter C --- Transition Paths on Permanent Shock --- p.66Chapter D --- Impulse Responses --- p.7