Rational Asset Pricing Bubbles
AbstractThis paper provides a fairly systematic study of rational asset pricing bubbles in an intertemporal competitive equilibrium framework that allows for incomplete markets, productive assets, borrowing limits, and incomplete participation of agents in markets. The main results are concerned with nonexistence of asset pricing bubbles. These results imply that the conditions under which bubbles are possible--including some well-known examples of monetary equilibria--are relatively fragile.
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Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 65 (1997)
Issue (Month): 1 (January)
Other versions of this item:
- Manuel S. Santos & Michael Woodford, 1993. "Rational Asset Pricing Bubbles," Working Papers 9304, Centro de Investigacion Economica, ITAM.
- Santos, Manuel S. & Woodford, Michael, . "Rational asset pricing bubbles," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/3913, Universidad Carlos III de Madrid.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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