Quantifying and explaining stickiness in housing rents: A Turkish case study with micro-level data
Quantifying and explaining stickiness in housing rents: A Turkish case study with micro-level data
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DOI：
10.1016/j.jhe.2014.04.002
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发表时间：
2014-09-01
影响因子：
2.4
通讯作者：
Tumen, Semih
中科院分区：
文献类型：
--
作者：
Aysoy, Cem;Aysoy, Cevriye;Tumen, Semih
本文使用全国住房单位面板，证明了2008年至2011年间土耳其住房租金的名义刚性率很高。我们发现，按名义价格计算，平均31.5%的租金每年没有变化。然后我们问名义刚性的发生率是否取决于住房单元的周转状态。我们发现，35.4%的非周转单位有刚性租金，而只有17.1%的周转单位租金没有变化。我们还提供证据表明，在我们的样本中，电网定价与超过一半的住房租金名义刚性有关。家庭和个人层面的租金和周转状况名义刚性的决定因素也使用我们数据集中的微观层面的细节进行了调查。我们证明，相对于低收入租户，高收入租户不太可能有刚性租金，他们也不太可能频繁更换单位。这一发现表明，寻找和搬迁成本造成的摩擦放大了高收入租户的机会成本；因此，他们更有可能同意合理的租金上涨，以节省时间和减少情绪压力。(C) 2014爱思唯尔公司版权所有。
Using a national panel of housing units, this paper documents that the rate of nominal rigidity in housing rents is high in Turkey between 2008 and 2011. We find that, on average, 31.5% of the rents did not change from year to year in nominal terms. We then ask if the incidence of nominal rigidity depends on the turnover status of the housing unit. We show that 35.4% of the nonturnover units had rigid rents, while for only 17.1% of the turnover units rents did not change. We also present evidence that grid pricing is associated with more than half of the nominal rigidity in housing rents in our sample. The household- and individual-level determinants of the nominal rigidity in rents and turnover status are also investigated using the micro-level details available in our dataset. We document that, relative to the low-income tenants, high-income tenants are less likely to have rigid rents and they are also less likely to change units frequently. This finding suggests that search and moving costs impose frictions that amplify the opportunity costs of high-income tenants; thus, they are more likely to agree on reasonable rent increases for the purpose of saving time and reducing emotional stress. (C) 2014 Elsevier Inc. All rights reserved.