000			01147nam a22001577a 4500
999			_c518500 _d518500
008			210927b ||||| |||| 00| 0 eng d
100			_aBracke, Philippe and Tenreyro, Silvana _929568
245			_aHistory dependence in the housing market
260			_aAmerican Economic Journal Macroeconomics
300			_a13(2), Apr, 2021: p.420-443
520			_aUsing data on the universe of housing transactions in England and Wales over a 20-year period, we document that sale prices and selling propensities are affected by house prices prevailing in the period in which properties were previously bought. Using administrative data on mortgages, we show that cognitive frictions explain most of the history dependence in sale prices, whereas credit frictions are more relevant for selling propensities. We corroborate our analysis with data on online house listings, and we estimate the impact of history dependence on the collapse and slow recovery of housing market activity in the postcrisis period. – Reproduced
650			_aHousing market _929569
773			_aAmerican Economic Journal Macroeconomics
906			_aHOUSING
942			_cAR