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Belief Disagreements and Collateral Constraints
Belief disagreements heterogeneous priors collateral constraints leverage margin asymmetric disciplining short selling
2014/9/10
Belief disagreements have been suggested as a major contributing factor to the recent subprime mortgage crisis. This paper theoretically evaluates this hypothesis. I assume that optimists have limited...
Why The House Sector Leads The Whole Economy: the Importance of Collateral Constraints and News Shocks
news shocks heterogeneous agents house sector collateral constraints aggregate uncertainty
2011/4/2
This paper establishes a dynamic stochastic partial equilibrium model for explaining residential investment dynamics in the United States, focusing on the distinctive cyclical features of residential ...
