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Rational Asset Pricing Bubbles

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Author Info
Manuel S. Santos (Universidad Carlos III, Madrid)
Michael Woodford (University of Chicago)

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Abstract

This paper provides a fairly systematic study of general economic conditions under which rational asset pricing bubbles may arise in an intertemporal competitive equilibrium framework. Our main results are concerned with nonexistence of asset pricing bubbles in those economies. 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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Publisher Info
Paper provided by Centro de Investigacion Economica, ITAM in its series Working Papers with number 9304.

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Length: 63 pages
Date of creation: Nov 1993
Date of revision:
Handle: RePEc:cie:wpaper:9304

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