打印

作者

来源

REAL ESTATE ECONOMICS,Vol.46,Issue2,P.368-403

语言

英文

关键字

REAL-ESTATE; PANEL-DATA; LISTING PRICE; SELLING PRICE; LOSS AVERSION; MODEL; VOLUME; TURNOVER; TESTS; HOMES

作者单位

[van Dijk, Dorinth W.; Francke, Marc K.] Univ Amsterdam, Finance Dept, Plantage Muidergracht 12, NL-1018 TV Amsterdam, Netherlands. [van Dijk, Dorinth W.] De Nederlandsche Bank, Econ Policy & Res Dept, Postbus 98, NL-1000 AB Amsterdam, Netherlands. [Francke, Marc K.] Ortec Finance Res Ctr, Naritaweg 51, NL-1043 BP Amsterdam, Netherlands. van Dijk, DW (reprint author), Univ Amsterdam, Finance Dept, Plantage Muidergracht 12, NL-1018 TV Amsterdam, Netherlands.; van Dijk, DW (reprint author), De Nederlandsche Bank, Econ Policy & Res Dept, Postbus 98, NL-1000 AB Amsterdam, Netherlands. E-Mail: d.w.vandijk@uva.nl; m.k.francke@uva.nl

摘要

We employ detailed internet search data to examine price and liquidity dynamics of the Dutch housing market. We show that the number of clicks on properties listed online proxies demand and the number of listed properties proxies supply. From this internet search behavior, we create a market tightness indicator and we find that this indicator Granger causes changes in both house prices and housing market liquidity. The results of a panel VAR suggest that a demand shock results in a temporary increase in liquidity and a permanent increase in prices in urban areas. This is in accordance with search and matching models.