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DC Field | Value | Language |
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dc.contributor.author | Clain-Chamosset-Yvrard, Lise | - |
dc.contributor.author | Raurich, Xavier | - |
dc.contributor.author | Seegmuller, Thomas | - |
dc.date.accessioned | 2024-03-26T15:59:25Z | - |
dc.date.available | 2024-06-19T08:49:21Z | - |
dc.date.issued | 2023-06-06 | - |
dc.identifier.issn | 0938-2259 | - |
dc.identifier.uri | http://hdl.handle.net/2445/209243 | - |
dc.description.abstract | We provide a unified framework with demand for housing over the life cycle and financial frictions to analyze the existence and macroeconomic effects of rational housing bubbles. We distinguish a housing price bubble, defined as the difference between the housing market price and its fundamental value, from a housing demand bubble, which corresponds to a situation where a pure speculative housing demand exists. In an overlapping generation exchange economy, we show that no housing price bubble occurs. However, a housing demand bubble may occur, generating a boom in housing prices and a drop in the interest rate, when households face a binding borrowing constraint. The multiplicity of steady states and endogenous fluctuations can occur when credit market imperfections are moderate. These fluctuations involve transitions between equilibria with and without a housing demand bubble that generate large fluctuations in housing prices consistent with observed patterns. We finally extend the basic framework to a production economy and we show that a housing demand bubble increases housing prices, which can still be characterized by large fluctuations. | - |
dc.format.extent | 42 p. | - |
dc.format.mimetype | application/pdf | - |
dc.language.iso | eng | - |
dc.publisher | Springer Verlag | - |
dc.relation.isformatof | Versió postprint del document publicat a: https://doi.org/https://doi.org/10.1007/s00199-023-01501-4 | - |
dc.relation.ispartof | Economic Theory, 2023 | - |
dc.relation.uri | https://doi.org/https://doi.org/10.1007/s00199-023-01501-4 | - |
dc.rights | (c) Springer Verlag, 2023 | - |
dc.source | Articles publicats en revistes (Economia) | - |
dc.subject.classification | Bombolla immobiliària | - |
dc.subject.classification | Especulació | - |
dc.subject.classification | Control de preus | - |
dc.subject.other | Real estate bubble | - |
dc.subject.other | Speculation | - |
dc.subject.other | Price control | - |
dc.title | Rational housing demand bubble | - |
dc.type | info:eu-repo/semantics/article | - |
dc.type | info:eu-repo/semantics/acceptedVersion | - |
dc.identifier.idgrec | 743264 | - |
dc.date.updated | 2024-03-26T15:59:30Z | - |
dc.rights.accessRights | info:eu-repo/semantics/openAccess | - |
Appears in Collections: | Articles publicats en revistes (Economia) |
Files in This Item:
File | Description | Size | Format | |
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844374.pdf | 926.79 kB | Adobe PDF | View/Open |
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