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- W3124280545 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 has regressive welfare effects." @default.
- W3124280545 created "2021-02-01" @default.
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- W3124280545 date "2019-12-26" @default.
- W3124280545 modified "2023-09-27" @default.
- W3124280545 title "REGRESSIVE WELFARE EFFECTS OF HOUSING BUBBLES" @default.
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- W3124280545 doi "https://doi.org/10.1017/s1365100519000981" @default.
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