Intertemporal equilibrium with financial asset and physical capital

Cuong Le Van () and Ngoc-Sang Pham
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Cuong Le Van: 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, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: We build an infinite-horizon dynamic deterministic general equilibrium model with imperfect markets (borrowing constraints), in which heterogeneous agents invest in capital or/and financial asset and consume. There is a representative firm which maximizes its profit. Firstly, the existence of intertemporal equilibrium is proved even if aggregate capital is not uniformly bounded. Secondly, we study the interaction between the financial market and the productive sector. We also explore the nature of physical capital bubble and financial asset bubble as well.

Keywords: Financial bubbles; Efficiency; Fluctuation; Physical bubbles; Infinite horizon; Intertemporal equilibrium; Financial friction; Productivity (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (26)

Published in Economic Theory, 2016, 62, pp.155-199. ⟨10.1007/s00199-015-0881-z⟩

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Related works:
Journal Article: Intertemporal equilibrium with financial asset and physical capital (2016)
Working Paper: Intertemporal equilibrium with financial asset and physical capital (2016)
Working Paper: Intertemporal equilibrium with financial asset and physical capital (2016)
Working Paper: Intertemporal equilibrium with financial asset and physical capital (2015)
Working Paper: Intertemporal equilibrium with financial asset and physical capital (2015)
Working Paper: Intertemporal equilibrium with financial asset and physical capital (2014)
Working Paper: Intertemporal equilibrium with financial asset and physical capital (2014)
Working Paper: Intertemporal equilibrium with financial asset and physical capital (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01302382

DOI: 10.1007/s00199-015-0881-z

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