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Real estate consumption - PowerPoint PPT Presentation

MACROECONOMIC IMPLICATIONS OF FINANCIAL CONSTRAINTS 2. Dual role of physical assets as input and collateral. 3. LAPM .

MACROECONOMIC IMPLICATIONS OF FINANCIAL CONSTRAINTS 2. Dual role of physical assets as input and collateral. 3. LAPM . 10th set of transparencies for ToCF. KIYOTAKI - MOORE JPE 1997. Basic idea:. one store of value, that is also an input into production process.

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Real estate consumption - PowerPoint PPT Presentation

MACROECONOMIC IMPLICATIONS OF FINANCIAL CONSTRAINTS 2. Dual role of physical assets as input and collateral. 3. LAPM .