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 - Université d'Evry, Université Paris-Saclay
Cuong Le Van: Centre d'Economie de la Sorbonne - Paris School of Economics, IPAG Business School and VCREME, TIMAS, https://centredeconomiesorbonne.univ-paris1.fr

Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne

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)
JEL-codes: C62 D53 D9 E44 G10 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2015-09, Revised 2018-03
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (24)

Downloads: (external link)
ftp://mse.univ-paris1.fr/pub/mse/CES2015/15067RR.pdf (application/pdf)

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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