An Agent-Based Model of the English Housing Market
نویسندگان
چکیده
Markets for domestic housing in countries like England differ from other markets because the stock is fixed in the short term, buyers need to raise mortgages to finance their purchases and prices tend to be set through intermediaries (‘estate agents’ or realtors). We introduce an agent-based model in which some of the main features of the English market emerge from interactions between buyers, realtors and sellers and use this model to investigate shocks to the market.
منابع مشابه
Who Creates the Housing Bubble? An Agent-Based Study
This paper develops an agent-based spatial model of the housing market. Real estate is many families’ single biggest asset. It is also widely held by financial institutions, in the form of mortgage based securities. As a result, avoiding extreme housing price volatility is crucial for maintaining financial stability of the nation. The housing market is very unique: it is thin, highly regulated,...
متن کاملInvestigating the Effects of Economic Shocks with housing Finance in a DSGE Model
With the introduction of any given variable in random dynamic general equilibrium models, the behavioral functions of economic agents will change, and consequently the shocks to the economy show a different direction and response. One of the most important sectors in the dynamics of a countrychr('39')s economy is the housing sector and one of the main determinants of the stagnation and boom of ...
متن کاملAnalysis the Impact of Tax on Transfer of Real Estate and Housing on the Reduction of Housing Market Volatility in Urban Areas of Iran
Land and urban housing have been affected by speculative demands due to heterogeneity, immobility and profitability, and have led to an increase of land and housing prices. The government, with the aim of controlling the housing market volatility, can play an important role in preventing the diversion of capital from the real sector to the housing sector and its multiple shocks. In this researc...
متن کاملThe Business Cycles of Urban Housing Market (Case Study: Urban Housing Market of Isfahan, 1980-2014)
H ousing is a commodity with unique features and its market, especially in urban areas, is characterized by unique business cycles that differentiate it from other commodities. On one hand, housing market can be deeply influenced by economic shocks, and on the other hand, the sheer size of housing investments makes the economy particularly vulnerable to any shock in this market. Henc...
متن کاملTransfer of price returns in the markets, gold, stock exchanges and housing Considering the liquidity ratio.
Examining the transfer of returns in the markets helps analysts to identify the reasons for the movement of liquidity ratio between the markets. In this study, the monthly data of the gold market price index, housing, stock exchange and the currency has been used in Iran for the past twenty years. Investigating the interactions between price returns The stock market, housing, currency and gol...
متن کامل