Hillebrand, Marten; Kikuchi, Tomoo - In: Journal of Economic Dynamics and Control 51 (2015) C, pp. 204-217
The paper studies the dynamics of housing prices in a pure exchange overlapping generations framework a la Samuelson (1958) and Gale (1973), which is extended to include housing as a utility-yielding durable good and a credit sector. We completely characterize the equilibrium dynamics, which...