Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints

Ngoc-Sang Pham, Cuong Le Van and Stefano Bosi

MPRA Paper from University Library of Munich, Germany

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.

Keywords: Infinite-horizon; general equilibrium; collateral constraint; incomplete markets; asset valuation; rational bubbles. (search for similar items in EconPapers)
JEL-codes: D5 D52 D9 E44 G1 (search for similar items in EconPapers)
Date: 2018-03-11, Revised 2018-03-11
New Economics Papers: this item is included in nep-dge and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (24)

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Related works:
Journal Article: Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints (2018)
Working Paper: Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints (2018)
Working Paper: Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints (2018)
Working Paper: Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints (2018)
Working Paper: Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints (2018)
Working Paper: Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints (2018)
Working Paper: Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints (2018)
Working Paper: Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints (2017)
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