Essays on Home Renovation and Frictions in the Housing Market

Дата публикации: 04-08-2026 00:00:00

This dissertation studies home renovation in housing market dynamics, combining search-and-matching theory with new empirical evidence from the United States. The three chapters examine how renovation interacts with housing market frictions, credit market frictions, and household collateral constraints.
Chapter 1 develops a search-and-matching model with endogenous renovation. Using aggregate U.S. data, I document new stylized facts: renovation comoves positively with prices, vacancies, and sales, and negatively with time-on-market. The calibrated model replicates these elasticities and shows that endogenous renovation is an essential adjustment margin.
Chapter 2 adds a frictional credit market for renovation financing. Calibrated to the 2012–2019 U.S. housing recovery, the model implies that the credit channel barely affects average prices but accounts for about 64% and 71% of the declines in time-to-sell and the vacancy rate, through a novel compositional channel...

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