Private property in land has often been criticized because it is supposed to bring about a waste of productive resources weakening economic growth. Indeed, because it is non reproductible, land earns a rent which increases in a growing economy and whose capitalization decreases the "productive"...

This paper investigates the macroeconomic portfolio implications of monopoly rents. We make use of a two-sectors overlapping generations model with a Cournot oligopoly in one sector. We show that when the competitive equilibrium is characterized by under-capitalization with respect to the golden...