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1 décembre 2013
- handle: 10670/1.7x8hez
- hal: hal-00964867
- doi: 10.1016/j.econlet.2013.09.013
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.econlet.2013.09.013
info:eu-repo/semantics/OpenAccess
Mots-clés
heterogeneous discounting collateral constraints rental market credit market. credit market E - Macroeconomics and Monetary Economics R - Urban, Rural, Regional, Real Estate, and Transportation EconomicsSujets proches
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d'Albis Hippolyte et al., « Collateral constraints and rental markets », HAL-SHS : économie et finance, ID : 10.1016/j.econlet.2013.09.013
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Résumé
We study a benchmark model with collateral constraints and heterogeneous discounting. Contrarily to a rich literature on borrowing limits, we allow for rental markets. By incorporating this missing market, we show that impatient agents choose to rent rather than to own the collateral in the neighborhood of the deterministic steady state. Consequently, impatient agents are not indebted and borrowing constraints play no role in local dynamics.