Motivated by the recent National Association of Realtors (NAR) settlement, this note examines the effects of reduced real estate agent commissions on home prices, housing turnover, and consumer welfare. Using a calibrated dynamic structural search model of the housing market, we explore how...

Frontmatter -- Contents -- Preface -- Part I. Introduction -- 1. Made in the World -- 2. Workhorse Models -- Part II. Location -- 3. Contracts and Export Behavior -- 4. Contracts and Global Sourcing -- 5. Contracts and Sourcing: Evidence -- Part III. Internalization -- 6. The Transaction-Cost...