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
Mots-clés
- Infinite-horizon
- General equilibrium
- Collateral constraint
- Incomplete markets
- Asset valuation
- Rational bubbles
Pages
- 1-20
URL de la notice HAL
Version
- 1
Volume
- 76