Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints
Cuong Le Van
- Function: Author
- PersonId: 835139
- ORCID: 0000-0002-2710-522X
- IdRef: 050221027
Ngoc-Sang Pham
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- Function: Correspondent author
- PersonId: 736862
- IdHAL: ngoc-sang-pham
- ORCID: 0000-0001-9037-3019
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Abstract
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.
Submission Type | Notice |
---|---|
Deposit type | Journal articles |
Title |
en
Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints
|
Abstract |
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.
|
Authors |
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
|
Fulltext language |
English
|
Journal |
|
Science popularization |
No
|
Peer-reviewed |
Yes
|
Audience |
International
|
Publication date |
2018-03
|
Electronic publication date |
2017-02-17
|
Volume |
76
|
Page number |
1-20
|
Domain |
|
JEL thesaurus |
|
See also |
|
ANR project(s) |
|
Contract, financing |
|
Keywords |
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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