Liquidity Constraints and Housing Prices: Theory and Evidence from the VA Mortgage
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This paper employs a simple intertemporal model to show that presence of liquidity constraints can depress the price of a durable good below its net present rental value, regardless of the overall supply elasticity. The existence of price effects implies that the relaxation of liquidity constraints
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美国国家经济研究局创建时间：
2004-07-01
