Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints

Stefano Bosi (), Cuong Le Van () and Ngoc-Sang Pham
Additional contact information
Stefano Bosi: EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne
Cuong Le Van: IPAG Business School, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, 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

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: Infinite-horizon; General equilibrium; Collateral constraint; Incomplete markets; Asset valuation; Rational bubbles (search for similar items in EconPapers)
Date: 2018-03
References: Add references at CitEc
Citations: View citations in EconPapers (18)

Published in Journal of Mathematical Economics, 2018, 76, pp.1-20. ⟨10.1016/j.jmateco.2018.01.006⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

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)
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:hal:cesptp:halshs-03260777

DOI: 10.1016/j.jmateco.2018.01.006

Access Statistics for this paper

More papers in Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL
Bibliographic data for series maintained by CCSD ().