Housing Market Bubbles and Business Cycles in an Agent-Based Credit Economy
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Otros documentos de la autoría: Erlingsson, Einar Jón; Cincotti, Silvano; Stefánsson, Hlynur; Sturluson, Jon Thor; Teglio, Andrea; Raberto, Marco
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Título
Housing Market Bubbles and Business Cycles in an Agent-Based Credit EconomyAutoría
Fecha de publicación
2013Editor
Dennis J. SnowerISSN
1864-6042Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://www.economics-ejournal.org/economics/journalarticles/2014-8Versión
info:eu-repo/semantics/publishedVersionPalabras clave / Materias
Resumen
In this paper the authors present an agent-based model of a credit network economy. The artificial
economy includes different economic agents that interact using simple behavioral rules through
various markets, i.e., ... [+]
In this paper the authors present an agent-based model of a credit network economy. The artificial
economy includes different economic agents that interact using simple behavioral rules through
various markets, i.e., the consumption goods market, the labor market, the credit market and the
housing market. A set of computational experiments, based on numerical simulations of the model,
have been carried out in order to explore the effects of different households’ creditworthiness
conditions required by the banking system to grant a mortgage. The authors find that easier access
to credit inflates housing prices, triggering a short run output expansion, mainly due to the wealth
effect. Also, with a more permissive policy towards household mortgages, and thus higher levels
of credit, the artificial economy becomes more unstable and prone to recessions usually caused
by falling housing prices. Often the authors find that an initial crisis can leave firms in a fragile
state. If the situation is not cured, a subsequent crisis can lead to mass bankruptcies of firms
with catastrophic effects on the credit sector and on the real economy. With stricter conditions on
household mortgages the economy is more stable and does not fall into serious recessions, although
a too severe regulation can slow down economic growth. [-]
Publicado en
Economics: The Open-Access, Open-Assessment E-Journal, 2014, vol. 8, núm. 2014-17Derechos de acceso
info:eu-repo/semantics/openAccess
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