Three Essays in Macroeconomics and International Economics Dissertation Abstract
نویسنده
چکیده
This paper studies the interaction between inequality and house prices using an incomplete market heterogeneous agent model. The model links cross-sectional household portfolio saving decisions to housing market outcomes, contributing to the housing literature by illustrating a new price formation mechanism in which the investment motive among the wealthy plays a key role. A quantitative application of the theory rationalizes puzzling phenomena in China notably, its recent substantial housing boom accompanied by rising savings rates. The theory in this paper shows that market frictions can have differential impacts cross-sectionally, increasing the risk of an explosion of inequality. This adds to the understanding of a broader topic: how inequality and macroeconomic forces can interact.
منابع مشابه
Essays in International Macroeconomics
ESSAYS IN INTERNATIONAL MACROECONOMICS by Xuan Liu Department of Economics Duke University
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