基于收入波动和供给弹性分析的房价波动与房价非线性关系研究——美国American Housing Survey微观面板调查数据的经验

Study on the Non-linear Relationship between Housing Price Fluctuation and Housing Prices from the Perspectives of Income Fluctuation and Supply Elasticity: Based on American Housing Survey

从住宅购买者收入波动和住宅供给弹性角度．论证住宅价格波动与住宅价格之间一个显著的U型关系：低价和高价住宅比中等价位的住宅价格波动幅度大．并使用1985～2009年美国AmericanHousingSurvev微观面板调查数据和计量经济学分析方法从实证角度证实这个结论。

Theoretically proves that there exists a U-shape relationship between housing price fluctuation and house prices from the perspective of income fluctuation and supply elasticity： housing price fluctuation is higher at both ends of housing price distribution than in the middle. Applying the American Housing Survey 1985-2009 and econometric analysis can empirically support this finding.