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- W2805358712 abstract "We analyze the welfare effects of asset bubbles in a model with income inequality and financial friction. We show that a bubble that emerges in the value of housing, a durable asset that is fundamentally useful for everyone, has regressive welfare effects. By raising the housing price, the bubble benefits high-income savers but negatively affects low-income borrowers. The key intuition is that, by creating a bubble in the market price, savers' demand for the housing asset for investment purposes imposes a negative externality on borrowers, who only demand the housing asset for utility purposes. The model also implies a feedback loop: high income inequality depresses the interest rates, facilitating the existence of housing bubbles, which in turn have regressive welfare effects." @default.
- W2805358712 created "2018-06-13" @default.
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- W2805358712 date "2018-04-18" @default.
- W2805358712 modified "2023-09-27" @default.
- W2805358712 title "Regressive Welfare Effects of Housing Bubbles" @default.
- W2805358712 hasPublicationYear "2018" @default.
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