Rational Asset Pricing Bubbles
AbstractThis 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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Bibliographic InfoPaper provided by Centro de Investigacion Economica, ITAM in its series Working Papers with number 9304.
Length: 63 pages
Date of creation: Nov 1993
Date of revision:
Other versions of this item:
- 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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