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Paper eres2010_195:
WELFARE EFFECTS OF HOUSING PRICE CHANGES IN THE GENERAL EQUILIBRIUM SETTING

id eres2010_195
authors Tsharakyan, Ashot
year 2010
title WELFARE EFFECTS OF HOUSING PRICE CHANGES IN THE GENERAL EQUILIBRIUM SETTING
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary This paper explores the aggregate welfare effects of housing price changes in the heterogeneous agent general equilibrium model with multi-sector production side. The model includes two types of households:credit-constrained households and unconstrained households. These types differ not only because of the presence or absence of credit constraints but also from the point of view of their time preference rates and factors of production which they own. The modeling of the production side of the economy is based on Davis and Heathcote (2003) and includes composite good production sector housing production sector and intermediate goods production sector. Besides welfare comparisons between steady states, the welfare changes during transition between steady states are also calculated.
keywords general equilibrium model, housing price changes , aggregate welfare,binding credit constraints, multi-sector production side
series ERES:conference
email atsharak@cerge-ei.cz
discussion No discussions. Post discussion ...
ratings
session doctoral
last changed 2010/07/16 14:16
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