Rational land and housing bubbles in infinite-horizon economies

Cuong Le Van (), Stefano Bosi () and Ngoc-Sang Pham
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Cuong Le Van: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, VCREME - Van Xuan Center of Research in Economics, Management and Environment, 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
Stefano Bosi: EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne

PSE-Ecole d'économie de Paris (Postprint) from HAL

Abstract: This paper considers rational land and housing bubbles in an infinite-horizon general equilibrium model. Their demands rest on two different grounds: the land is an input to produce while the house may be consumed. Our work differs from the existing literature in two respects. First, dividends on both these long-lived assets are endogenous and their sequences are computed. Second, we introduce and study different concepts of bubbles, including individual and strong bubbles.

Keywords: land bubble; general equilibrium; infinite horizon; housing bubble (search for similar items in EconPapers)
Date: 2017
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Published in K. Nishimura, A. Venditti and N. Yannelis. Sunspots and Non-Linear Dynamics – Essays in honor of Jean-Michel Grandmont, Springer-Verlag, pp.203-230, 2017, Studies in Economic Theory

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Related works:
Chapter: Rational Land and Housing Bubbles in Infinite-Horizon Economies (2017)
Working Paper: Rational land and housing bubbles in infinite-horizon economies (2017)
Working Paper: Rational land and housing bubbles in infinite-horizon economies (2017)
Working Paper: Rational land and housing bubbles in infinite-horizon economies (2016)
Working Paper: Rational land and housing bubbles in infinite-horizon economies (2016)
Working Paper: Rational land and housing bubbles in infinite-horizon economies (2016)
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