This essay surveys the literature on directed search and competitive search equilibrium,
covering theory and a variety of applications. These models share features with traditional …

This chapter surveys the literature on the microstructure of housing markets. It considers one-
sided search, random matching, and directed search models. It also examines the …

In this chapter, we review and discuss the large body of research that has developed over
the past 10-plus years that explores the interconnection of macroeconomics, finance, and …

House prices exhibit substantially more momentum, positive autocorrelation in price
changes, than existing theories can explain. I introduce an amplification mechanism to …

This paper considers the role of the asking price in housing transactions both theoretically
and empirically. Significant fractions of housing transactions involve sales prices that are …

We assess the ability of a standard search and matching framework to account for the
cyclical properties of key macroeconomic time series of the housing market. We calibrate a …

In stark contrast with liquid asset returns, commercial real estate idiosyncratic return means
and variances do not scale with the holding period, even after accounting for all cash flow …

This article uses a structural model to show that foreclosures played a crucial role in
exacerbating the recent housing bust and to analyse foreclosure mitigation policy. We …

Coinciding with the start of the housing boom were large increases in home-equity lending
and loan-to-equity ratios. We study this in models where housing bears a liquidity premium …

This essay surveys the literature on directed/competitive search, covering theory and
applications in, eg, labor, housing and monetary economics. These models share features …