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このアイテムの引用には次の識別子を使用してください: http://hdl.handle.net/10114/7931

タイトル: ‘Perfect’ Real Estate Liquidity and Adjustment Paths to Long-run Equilibrium
著者: Ashiya, Noriko
芦谷 , 典子
キーワード: Real estate liquidity
Securitization products
Adjustment paths
Keynesian open-macro framework
発行日: 2013-3
出版者: The Institute of Comparative Economic Studies, Hosei University
抄録: The purpose of this paper is to formulate an example of the international macroeconomic climate with ‘perfect’ real estate liquidity and identify the crucial implications brought about by such extreme degrees of real estate liquidity, or ‘financial’ real estate. For this, we will extend the traditional Keynesian international macroeconomic model, revisited and modified in the study of Branson and Buiter (1983), and construct a simple analytical framework with reference to the recent economic climate with extreme degrees of real estate liquidity. It will be shown that, after the increase in the foreign interest rate, real estate liquidity may help reduce the fluctuations of home output along an adjustment path between one equilibrium position and another. This finding suggests that real estate liquidity may serve as a buffer against influences from foreign countries, although within the setting of a theoretical perfect market.
URI: http://hdl.handle.net/10114/7931
ISSN: 09111247
出現コレクション:Journal of International Economic Studies


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