Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints
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- handle: 10670/1.oiaspk
- halshs: halshs-01223969
info:eu-repo/semantics/OpenAccess
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rational bubbles C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C62 - Existence and Stability Conditions of Equilibrium D - Microeconomics/D.D5 - General Equilibrium and Disequilibrium/D.D5.D53 - Financial Markets D - Microeconomics/D.D9 - Intertemporal Choice E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy G - Financial Economics/G.G1 - General Financial Markets/G.G1.G10 - GeneralSujets proches
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Stefano Bosi et al., « Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints », HAL-SHS : économie et finance, ID : 10670/1.oiaspk
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Résumé
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.