Publication:
Rational asset pricing bubbles

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URI: https://hdl.handle.net/10016/3913
ISSN: 2340-5031
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we952616.pdf (1.52 MB)
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1995-07
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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 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.
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Asset pricing bubbles, Rational expectations, Sequentially incomplete markets, Money
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DE - Working Papers. Economics. WE
Economists Online