2026-04-14T07:46:13Zhttps://recercat.cat/oai/request

oai:recercat.cat:2445/2092432025-12-05T04:25:10Zcom_2072_1057col_2072_478809col_2072_478917

Rational housing demand bubble Clain-Chamosset-Yvrard, Lise Raurich, Xavier Seegmuller, Thomas Bombolla immobiliària Especulació Control de preus Real estate bubble Speculation Price control 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. 2024-03-26T15:59:25Z 2024-06-05T05:10:14Z 2024 2024-03-26T15:59:30Z info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion 0938-2259 https://hdl.handle.net/2445/209243 743264 eng Versió postprint del document publicat a: https://link.springer.com/article/10.1007/s00199-023-01501-4 Economic Theory, 2024, vol. 77, p. 699–746 https://doi.org/10.1007/s00199-023-01501-4 (c) Springer Verlag, 2024 info:eu-repo/semantics/openAccess 42 p. application/pdf Springer Verlag Articles publicats en revistes (Economia)