Santos, Manuel S.Woodford, MichaelUniversidad Carlos III de Madrid. Departamento de Economía2009-04-082009-04-081995-072340-5031https://hdl.handle.net/10016/3913This 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.application/pdfengAtribución-NoComercial-SinDerivadas 3.0 EspañaAsset pricing bubblesRational expectationsSequentially incomplete marketsMoneyworking paperEconomíaopen access