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主讲人 |
Pengfei Wang |
简介 |
<div><strong>Abstract</strong><br />
This paper provides a theory of credit-driven housing bubbles in an infinite-horizon production economy. Entrepreneurs face idiosyncratic investment tax distortions and credit constraints. Housing is an illiquid asset and also serves as collateral for borrowing. A housing bubble can arise because house commands a liquidity premium. The housing bubble can provide liquidity and relax credit constraint, but can also generate inefficient overinvestment. Its net effect is to reduce welfare. Property taxes, Tobin’s taxes, macroprudential policy, and credit policy can prevent the formation of a housing bubble.</div>
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<div>Keywords: Housing Bubbles, Credit Constraints, Margin, Tax Policy, Liquidity, Multiple<br />
Equilibria</div>
<div>JEL codes: D92, E22, E44, G1</div>
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主讲人简介 |
<p><span style="color: rgb(51, 51, 51); line-height: 17px; font-size: 13px;">Associate Professor</span></p>
<div><span style="color: rgb(51, 51, 51); line-height: 17px; font-size: 13px;">Department of Economics </span>
<div><span style="color: rgb(51, 51, 51); line-height: 17px; font-size: 13px;">the Hong Kong University of Science and Technology</span></div>
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<div><a href="http://ihome.ust.hk/~pfwang/">Prof. Pengfei Wang's homepage</a></div>
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期数 |
“WISE-SOE”2015春季学期“高级经济学系列讲座”第一讲（总第340讲）--宏观领域 |
