Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints
Cuong Le Van
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- PersonId : 835139
- ORCID : 0000-0002-2710-522X
- IdRef : 050221027
Ngoc-Sang Pham
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- PersonId : 736862
- IdHAL : ngoc-sang-pham
- ORCID : 0000-0001-9037-3019
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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.
Format du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints
|
Résumé |
en
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.
|
Auteur(s) |
Stefano Bosi
1
, Cuong Le Van
2, 3, 4
, Ngoc-Sang Pham
5
1
EPEE -
Centre d'Etudes des Politiques Economiques
( 19169 )
- 4, boulevard François Mitterrand, 91025 EVRY CEDEX
- France
2
IPAG Business School
( 542840 )
- 184 boulevard Saint-Germain, 75006 Paris
- France
3
CES -
Centre d'économie de la Sorbonne
( 15080 )
- Maison des Sciences Économiques - 106-112 Boulevard de l'Hôpital - 75647 Paris Cedex 13
- France
4
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
5
Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School
( 301604 )
-
- France
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2018-03
|
Date de publication électronique |
2017-02-17
|
Volume |
76
|
Page/Identifiant |
1-20
|
Domaine(s) |
|
Mots-clés (JEL) |
|
Voir aussi |
|
Projet(s) ANR |
|
Financement |
|
Mots-clés |
en
Infinite-horizon, General equilibrium, Collateral constraint, Incomplete markets, Asset valuation, Rational bubbles
|
DOI | 10.1016/j.jmateco.2018.01.006 |
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