Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints

Article dans une revue: 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, Cuong Le Van, Ngoc-Sang Pham

Revue
  • Journal of Mathematical Economics
Date de publication
  • 2018
Mots-clés JEL
C62 D53 D9 E44 G10
Mots-clés
  • Infinite-horizon
  • General equilibrium
  • Collateral constraint
  • Incomplete markets
  • Asset valuation
  • Rational bubbles
Pages
  • 1-20
Version
  • 1
Volume
  • 76