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Article dans une revue Journal of Mathematical Economics 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-03260777, version 1 (15-06-2021)

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Stefano Bosi, Cuong Le Van, Ngoc-Sang Pham. Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints. Journal of Mathematical Economics, 2018, 76, pp.1-20. ⟨10.1016/j.jmateco.2018.01.006⟩. ⟨halshs-03260777⟩
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