WELFARE EFFECTS OF HOUSING PRICE CHANGES IN THE GENERAL EQUILIBRIUM SETTING

Ashot Tsharakyan

ERES from European Real Estate Society (ERES)

Abstract: This paper explores the aggregate welfare effects of housing price changes in the heterogeneous agent general equilibrium model with multi-sector production side. The model includes two types of households:credit-constrained households and unconstrained households. These types differ not only because of the presence or absence of credit constraints but also from the point of view of their time preference rates and factors of production which they own. The modeling of the production side of the economy is based on Davis and Heathcote (2003) and includes composite good production sector housing production sector and intermediate goods production sector. Besides welfare comparisons between steady states, the welfare changes during transition between steady states are also calculated.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2010-01-01
References: Add references at CitEc
Citations:

Downloads: (external link)
https://eres.architexturez.net/doc/oai-eres-id-eres2010-195 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2010_195

Access Statistics for this paper

More papers in ERES from European Real Estate Society (ERES) Contact information at EDIRC.
Bibliographic data for series maintained by Architexturez Imprints ().