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Welfare effects of housing price appreciation in an economy with binding credit constraints

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    SYSNO ASEP0091162
    Document TypeJ - Journal Article
    R&D Document TypeJournal Article
    Subsidiary JOstatní články
    TitleWelfare effects of housing price appreciation in an economy with binding credit constraints
    TitleBlahodárné účinky zvýšení cen bydlení na ekonomiku s vazbou na omezení půjček
    Author(s) Tsharakyan, Ashot (NHU-N)
    Source TitleCERGE-EI Working Paper Series - ISSN 1211-3298
    -, č. 333 (2007), s. 1-53
    Number of pages53 s.
    Publication formWWW - WWW
    Languageeng - English
    CountryCZ - Czech Republic
    Keywordshousing price appreciation ; aggregate welfare ; binding credit constraints
    Subject RIVAH - Economics
    R&D ProjectsLC542 GA MŠMT - Ministry of Education, Youth and Sports (MEYS)
    CEZAV0Z70850503 - NHU-N (2005-2011)
    AnnotationThis research analyzes the effects of recent housing price appreciation on aggregate welfare. It generalizes the results of Bajari et al (2005), who find that in a credit unconstrained economy with exogenous housing prices there is no effect of housing price appreciation on aggregate welfare. However, I demonstrate that if the households are credit-constrained and housing price is endogenous its appreciation implies a non-zero change in aggregate welfare.
    WorkplaceEconomics Institute
    ContactTomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122
    Year of Publishing2008
Number of the records: 1  

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