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Rational land and housing bubbles in infinite-horizon economies

Archive ouverte : Autre publication scientifique

Bosi, Stefano | Le Van, Cuong | Pham, Ngoc-Sang

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.

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