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Credit, Land Speculation, and Long-Run Economic Growth
This paper presents a model that studies the impact of credit expansions arising from increases in collateral values or lower interest rate policies on long-run productivity and economic growth in a two-sector endogenous growth economy, with the driver of growth lying in one sector (manufacturing) but not in the other (real estate).
On Equilibrium Determinacy in Overlapping Generations Models with Money
In contrast, the monetary steady state is locally determinate under fairly weak conditions.
Bubble Economics
This article provides a self-contained overview of the theory of rational asset price bubbles.
Unbalanced Growth, Elasticity of Substitution, and Land Overvaluation
We study the long-run behavior of land prices when land plays the dual role of factor of production and store of value.
Bubble Necessity Theorem
Asset price bubbles are situations where asset prices exceed the fundamental values defined by the present value of dividends.
Housing Bubbles with Phase Transitions
We analyze equilibrium housing prices in an overlapping generations model with perfect housing and rental markets.
Unique Equilibria in Models of Rational Asset Price Bubbles
Existing models of rational pure bubble models feature multiple (and often a continuum of) equilibria, which makes model predictions and policy analysis non-robust.
Leverage, Endogenous Unbalanced Growth, and Asset Price Bubbles
We present a general equilibrium macro-finance model with a positive feedback loop between capital investment and land price.
The Effect of Social Distancing on the Reach of an Epidemic in Social Networks
How does social distancing affect the reach of an epidemic in social networks?
