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1{2 "indexed": {3  "date-parts": [4   [5    2026,6    9,7    48   ]9  ],10  "date-time": "2026-09-04T10:51:01Z",11  "timestamp": 1788519061027,12  "version": "build-2803163510"13 },14 "reference-count": 22,15 "publisher": "Wiley",16 "issue": "s2",17 "license": [18  {19   "start": {20    "date-parts": [21     [22      2011,23      9,24      2325     ]26    ],27    "date-time": "2011-09-23T00:00:00Z",28    "timestamp": 131673600000029   },30   "content-version": "vor",31   "delay-in-days": 0,32   "URL": "http://onlinelibrary.wiley.com/termsAndConditions#vor"33  }34 ],35 "content-domain": {36  "domain": [],37  "crossmark-restriction": false38 },39 "short-container-title": [40  "J of Money Credit Banking"41 ],42 "published-print": {43  "date-parts": [44   [45    2011,46    1047   ]48  ]49 },50 "abstract": "<jats:p>We model liquidity in housing markets. The model provides a simple characterization for the joint process of prices, sales, and inventory. We compare the implications of the model to certain properties of housing markets. The model can generate the large price changes and the positive correlation between prices and sales that we see in the data. Unlike the data, prices are negatively autocorrelated and high inventory predicts price appreciation. We investigate several amendments to the model. Informational frictions show promise.</jats:p>",51 "DOI": "10.1111/j.1538-4616.2011.00436.x",52 "type": "journal-article",53 "created": {54  "date-parts": [55   [56    2011,57    9,58    2759   ]60  ],61  "date-time": "2011-09-27T15:29:29Z",62  "timestamp": 131713736900063 },64 "page": "283-303",65 "source": "Crossref",66 "is-referenced-by-count": 81,67 "title": [68  "Trading Frictions and House Price Dynamics"69 ],70 "prefix": "10.1111",71 "volume": "43",72 "author": [73  {74   "given": "ANDREW",75   "family": "CAPLIN",76   "sequence": "first",77   "affiliation": [],78   "role": [79    {80     "vocabulary": "crossref",81     "role": "author"82    }83   ]84  },85  {86   "given": "JOHN",87   "family": "LEAHY",88   "sequence": "additional",89   "affiliation": [],90   "role": [91    {92     "vocabulary": "crossref",93     "role": "author"94    }95   ]96  }97 ],98 "member": "311",99 "published-online": {100  "date-parts": [101   [102    2011,103    9,104    23105   ]106  ]107 },108 "reference": [109  {110   "key": "e_1_2_10_2_1",111   "doi-asserted-by": "publisher",112   "DOI": "10.1111/j.1468-2354.2007.00440.x"113  },114  {115   "key": "e_1_2_10_3_1",116   "doi-asserted-by": "publisher",117   "DOI": "10.1111/1540-6229.00790"118  },119  {120   "key": "e_1_2_10_4_1",121   "doi-asserted-by": "publisher",122   "DOI": "10.1086/261907"123  },124  {125   "key": "e_1_2_10_5_1",126   "doi-asserted-by": "crossref",127   "unstructured": "Caplin Andrew andJohnLeahy. (2008) “Trading Frictions and House Price Dynamics.” NBER Working Paper No. 14605.",128   "DOI": "10.3386/w14605"129  },130  {131   "key": "e_1_2_10_6_1",132   "first-page": "125",133   "article-title": "The Efficiency of the Market for Single‐Family Homes",134   "volume": "79",135   "author": "Case Karl",136   "year": "1989",137   "journal-title": "American Economic Review"138  },139  {140   "key": "e_1_2_10_7_1",141   "doi-asserted-by": "publisher",142   "DOI": "10.1080/0042098002168"143  },144  {145   "key": "e_1_2_10_8_1",146   "doi-asserted-by": "crossref",147   "unstructured": "Glaeser Edward andJosephGyourko. (2006) “Housing Dynamics.” NBER Working Paper No. 12787.",148   "DOI": "10.3386/w12787"149  },150  {151   "key": "e_1_2_10_9_1",152   "doi-asserted-by": "publisher",153   "DOI": "10.1257/aer.99.5.1878"154  },155  {156   "key": "e_1_2_10_10_1",157   "doi-asserted-by": "publisher",158   "DOI": "10.1086/254195"159  },160  {161   "key": "e_1_2_10_11_1",162   "doi-asserted-by": "publisher",163   "DOI": "10.1111/1540-6229.00038"164  },165  {166   "key": "e_1_2_10_12_1",167   "doi-asserted-by": "publisher",168   "DOI": "10.1006/juec.2000.2180"169  },170  {171   "key": "e_1_2_10_13_1",172   "doi-asserted-by": "publisher",173   "DOI": "10.2307/1913837"174  },175  {176   "key": "e_1_2_10_14_1",177   "doi-asserted-by": "publisher",178   "DOI": "10.1016/0022-0531(74)90106-9"179  },180  {181   "key": "e_1_2_10_15_1",182   "doi-asserted-by": "publisher",183   "DOI": "10.1016/j.jue.2004.05.004"184  },185  {186   "key": "e_1_2_10_16_1",187   "doi-asserted-by": "publisher",188   "DOI": "10.1111/j.1540-6229.2009.00232.x"189  },190  {191   "key": "e_1_2_10_17_1",192   "doi-asserted-by": "publisher",193   "DOI": "10.1111/j.1467-937X.2006.383_1.x"194  },195  {196   "key": "e_1_2_10_18_1",197   "unstructured": "Peach Richard. (1983) “An Econometric Model of Investment in Single Family Homes.” University of Maryland Dissertation ."198  },199  {200   "key": "e_1_2_10_19_1",201   "doi-asserted-by": "publisher",202   "DOI": "10.1086/260391"203  },204  {205   "key": "e_1_2_10_20_1",206   "volume-title": "Recurisive Macroeconomic Theory",207   "author": "Sargent Thomas",208   "year": "2004"209  },210  {211   "key": "e_1_2_10_21_1",212   "doi-asserted-by": "publisher",213   "DOI": "10.1257/aer.97.4.1074"214  },215  {216   "key": "e_1_2_10_22_1",217   "doi-asserted-by": "publisher",218   "DOI": "10.2307/2118444"219  },220  {221   "key": "e_1_2_10_23_1",222   "doi-asserted-by": "publisher",223   "DOI": "10.1086/261734"224  }225 ],226 "container-title": [227  "Journal of Money, Credit and Banking"228 ],229 "language": "en",230 "link": [231  {232   "URL": "https://api.wiley.com/onlinelibrary/tdm/v1/articles/10.1111%2Fj.1538-4616.2011.00436.x",233   "content-type": "unspecified",234   "content-version": "vor",235   "intended-application": "text-mining"236  },237  {238   "URL": "https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1538-4616.2011.00436.x",239   "content-type": "unspecified",240   "content-version": "vor",241   "intended-application": "similarity-checking"242  }243 ],244 "deposited": {245  "date-parts": [246   [247    2023,248    9,249    26250   ]251  ],252  "date-time": "2023-09-26T13:34:25Z",253  "timestamp": 1695735265000254 },255 "score": 95.697,256 "resource": {257  "primary": {258   "URL": "https://onlinelibrary.wiley.com/doi/10.1111/j.1538-4616.2011.00436.x"259  }260 },261 "issued": {262  "date-parts": [263   [264    2011,265    9,266    23267   ]268  ]269 },270 "references-count": 22,271 "journal-issue": {272  "issue": "s2",273  "published-print": {274   "date-parts": [275    [276     2011,277     10278    ]279   ]280  }281 },282 "alternative-id": [283  "10.1111/j.1538-4616.2011.00436.x"284 ],285 "URL": "https://doi.org/10.1111/j.1538-4616.2011.00436.x",286 "archive": [287  "Portico"288 ],289 "ISSN": [290  "0022-2879",291  "1538-4616"292 ],293 "issn-type": [294  {295   "value": "0022-2879",296   "type": "print"297  },298  {299   "value": "1538-4616",300   "type": "electronic"301  }302 ],303 "published": {304  "date-parts": [305   [306    2011,307    9,308    23309   ]310  ]311 }312}