Rational land and housing bubbles in infinite-horizon economies

Stefano Bosi (), Cuong Le Van () and Ngoc-Sang Pham ()
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Stefano Bosi: EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne
Cuong Le Van: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, IPAG Business School, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Ngoc-Sang Pham: EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne, LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique

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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.

Keywords: infinite horizon; general equilibrium; land bubble; housing bubble (search for similar items in EconPapers)
Date: 2016-02
New Economics Papers: this item is included in nep-dge, nep-sog and nep-ure
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01314609v1
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Published in 2016

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Related works:
Working Paper: Rational land and housing bubbles in infinite-horizon economies (2017)
Working Paper: Rational land and housing bubbles in infinite-horizon economies (2017)
Working Paper: Rational land and housing bubbles in infinite-horizon economies (2017)
Working Paper: Rational land and housing bubbles in infinite-horizon economies (2016)
Working Paper: Rational land and housing bubbles in infinite-horizon economies (2016)
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