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Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints

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

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

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: rational; bubbles (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge and nep-opm
Date: 2018-03
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01223969v3
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Published in 2018

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