Monetary policy and bubbles in US REITs
نویسندگان
چکیده
منابع مشابه
Asset Bubbles and Monetary Policy
We provide a model of rational bubbles in a DNK framework. Entrepreneurs are heterogeneous in investment efficiency and face credit constraints. They can trade bubble assets to raise their net worth. The bubble assets command a liquidity premium and can have a positive value. Monetary policy affects the conditions for the existence of a bubble, its steady-state size, and its dynamics including ...
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ژورنال
عنوان ژورنال: International Review of Finance
سال: 2019
ISSN: 1369-412X,1468-2443
DOI: 10.1111/irfi.12284