Why Do Inventories Rise When Demand Falls in Housing and Other Markets?

Edward P. Lazear

NBER Working Paper No. 15878
Issued in April 2010

---- Acknowledgements -----

Data provided by the National Association of Realtors is gratefully acknowledged. I thank Gary Becker, Peter DeMarzo, Darrell Duffie, Dirk Jenter, David Kreps, Donald Marron, Kevin M. Murphy, Jesse Shapiro, Kathryn Shaw, Robert Shimer, and Andy Skrzypacz for useful comments. Nicholas Obradovich provided excellent research assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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