Rational land and housing bubbles in infinite-horizon economies

Abstract : This paper considers rational land and housing bubbles in an infinite-horizon general equilibrium model. Their demands rest on two different grounds: the land is an input to produce while the house may be consumed. Our work differs from the existing literature in two respects. First, dividends on both these long-lived assets are endogenous and their sequences are computed. Second, we introduce and study different concepts of bubbles, including individual and strong bubbles.
Type de document :
Chapitre d'ouvrage
K. Nishimura, A. Venditti and N. Yannelis. Sunspots and Non-Linear Dynamics – Essays in honor of Jean-Michel Grandmont, Springer-Verlag, à paraître, 2017, Studies in Economic Theory
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https://halshs.archives-ouvertes.fr/halshs-01397606
Contributeur : Lucie Label <>
Soumis le : mercredi 16 novembre 2016 - 10:23:32
Dernière modification le : mardi 30 janvier 2018 - 17:50:04

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  • HAL Id : halshs-01397606, version 1

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Cuong Le Van, Stefano Bosi, Ngoc-Sang Pham. Rational land and housing bubbles in infinite-horizon economies. K. Nishimura, A. Venditti and N. Yannelis. Sunspots and Non-Linear Dynamics – Essays in honor of Jean-Michel Grandmont, Springer-Verlag, à paraître, 2017, Studies in Economic Theory. 〈halshs-01397606〉

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