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http://hdl.handle.net/10016/3913
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| we952616.pdf | -- 2009-04-08 -- Available on Internet -- preprint | 1,56 MB | Adobe PDF | |  |
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| Title: | Rational asset pricing bubbles |
| Author(s): | Santos, Manuel S.
Woodford, Michael |
| Publisher: | Universidad Carlos III de Madrid. Departamento de Economía |
| Issued date: | Jul-1995 |
| URI: | http://hdl.handle.net/10016/3913 |
| 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 non-existence of asset pricing bubbles in those economies. These results imply that the conditions under which bubbles are possible inc1uding sorne well-known examples of monetary equilibria-are relatively fragile. |
| Serie / Nº.: | UC3M Working Paper. Economics
1995-26-16 |
| Keywords: | Asset pricing bubbles
Rational expectations
Sequentially incomplete markets
Money |
| Appears in Collections: | Economists Online
DE - Working Papers. Economics. WE
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