| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6941 |
| DP6941 Agglomeration and Growth: Cross-Country Evidence | |
| Marius Brülhart; Federica Sbergami | |
| 发表日期 | 2008-08-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | In this paper we use the notion of a housing bubble as an equilibrium in which some investors hold houses only for resale purposes and not for the expectation of a dividend, either in the form of rents or utility. We provide a life-cycle model where households face collateral constraints that tie their credit capacity to the value of their houses and examine the conditions under which housing bubbles can emerge. In such equilibria, the total housing stock is held by owners that extract utility from their homes, landlords that obtain rents, and investors. We show that an economy with tighter collateral constraints is more prone to bubbles which, in turn, tend to have a larger size but are less fragile in face of fund-draining shocks. Our environment also allows for pure bubbles on useless assets. We find that multiple equilibria in which the economy moves endogenously from a pure bubble to a housing bubble regime and vice versa are possible. This suggests that high asset price volatility may be a natural consequence of asset shortages (or excess funding) that depress interest rates sufficiently so as to sustain an initial bubble. We also examine some welfare implications of the two types of bubbles and discuss some mechanisms to rule out equilibria with housing bubbles. |
| 主题 | International Macroeconomics |
| 关键词 | Buy-to-let investment Collateral constraints Housing bubbles Switching |
| URL | https://cepr.org/publications/dp6941 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535778 |
| 推荐引用方式 GB/T 7714 | Marius Brülhart,Federica Sbergami. DP6941 Agglomeration and Growth: Cross-Country Evidence. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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