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Autre publication scientifique Année : 2018

Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints

Résumé

We build a dynamic general equilibrium model with heterogeneous producers and financial frictions (collateral constraints and incompleteness). First, we provide a characterization to check whether a sequence is an equilibrium or not. Second, we study the effects of financial imperfections on output and land prices. Third, we develop a theory of valuation of land by introducing the notion of endogenous land dividends (or yields) and different concepts of land-price bubbles. Some examples of bubbles are provided in economies with and without short-sales.

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Dates et versions

halshs-01223969, version 1 (03-11-2015)
halshs-01223969, version 2 (06-03-2017)
halshs-01223969, version 3 (06-07-2018)

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  • HAL Id : halshs-01223969 , version 3

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Stefano Bosi, Cuong Le Van, Ngoc-Sang Pham. Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints. 2018. ⟨halshs-01223969v3⟩
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Dernière date de mise à jour le 26/06/2024
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