This research studies the effects of macroeconomic factors on liquidity, focusing on the pricing of liquidity. By applying cross-sectional tests, we obtain the monthly price of liquidity. Overall, the results show that the growth rate in industrial production has significant contemporaneous...

We propose that, in addition to the first price of a repeat pair, sellers also anchor to local fundamentals at the date of the first sale. We redefine an important diagnostic tool for housing cycles by replacing the ratio of house prices to fundamentals with a salient gap: change in market value...

This is the Online Appendix for: Is the Behavior of Sellers with Expected Gains and Losses Relevant to Cycles in House Prices?Appendix 1 provides support for using assessed value to mitigate unobserved quality.Appendix 2 describes the calculation of normalized assessed value (NAV) and summarizes...

Previous literature has found that sellers with purchase price higher than expected sale price (i.e., expected losses) are able to obtain a substantial premium. This literature relies on econometric analysis suggesting that estimated premiums are downwardly biased (i.e., conservative). We show...