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The Modigliani-Miller Theorem In A Dynamic Economy

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  • TAKEKUMA, SHIN-ICHI
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    Abstract

    A dynamic economy with markets of equities and bonds is considered. The rational expectations equilibrium is defined in an asset pricing model and a condition under which the Modigliani-Miller theorem holds is shown. In an aggregate model the existence of a rational expectations equilibrium is proved.

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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/18416/5/070econDP10-03.pdf
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    Bibliographic Info

    Paper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2010-03.

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    Length: 15 p.
    Date of creation: Apr 2010
    Date of revision:
    Handle: RePEc:hit:econdp:2010-03

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    Keywords: The Modigliani-Miller theorem; rational expectations; asset pricing;

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