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Rational land and housing bubbles in infinite-horizon economies
Archive ouverte : Autre publication scientifique
Edité par HAL CCSD
URL des Documents de travail : http://ces.univ-paris1.fr/cesdp/cesdp2016.html. Documents de travail du Centre d'Economie de la Sorbonne 2016.27 - ISSN : 1955-611X. 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.
- Sujets
- infinite horizon
- general equilibrium
- land bubble
- housing bubble
- JEL: C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C62 - Existence and Stability Conditions of Equilibrium
- JEL: D - Microeconomics/D.D5 - General Equilibrium and Disequilibrium/D.D5.D51 - Exchange and Production Economies
- JEL: D - Microeconomics/D.D9 - Intertemporal Choice
- JEL: G - Financial Economics/G.G1 - General Financial Markets/G.G1.G13 - Contingent Pricing • Futures Pricing
- [SHS.ECO]Humanities and Social Sciences/Economics and Finance