Intertemporal equilibrium with heterogeneous agents, endogenous dividends and borrowing constraints

Stefano Bosi (1) , Cuong Le Van (2, 3, 4) , Ngoc-Sang Pham (1)

1 EPEE - Centre d'Etudes des Politiques Economiques
2 CES - Centre d'économie de la Sorbonne
3 PSE - Paris School of Economics
4 IPAG

We build dynamic general equilibrium models with heterogeneous producers and financial market imperfections. First, we prove the existence of equilibrium. Second, we investigate the role of financial market imperfection in growth and land prices. Third, we introduce land dividends, then define and study land bubbles as well as individual land bubbles.

Mots clés: Infinite horizon; general equilibrium; financial market imperfection; land bubbles

Domaines: Economies et finances; Analyse fonctionnelle [math.FA]

Stefano Bosi, Cuong Le Van, Ngoc-Sang Pham. Intertemporal equilibrium with heterogeneous agents, endogenous dividends and borrowing constraints. 2015. ⟨halshs-01223969v1⟩