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
Cuong Le Van: 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, IPAG - Business School

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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)
Date: 2018-03
New Economics Papers: this item is included in nep-dge
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01223969v3
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Citations: View citations in EconPapers (24)

Published in 2018

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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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