Rational Asset Pricing Bubbles

Manuel S. Santos and Michael Woodford

Econometrica, 1997, vol. 65, issue 1, 19-58

Abstract: This paper provides a fairly systematic study of rational asset pricing bubbles in an intertemporal competitive equilibrium framework that allows for incomplete markets, productive assets, borrowing limits, and incomplete participation of agents in markets. The main results are concerned with nonexistence of asset pricing bubbles. These results imply that the conditions under which bubbles are possible--including some well-known examples of monetary equilibria--are relatively fragile.

Date: 1997
References: Add references at CitEc
Citations: View citations in EconPapers (365)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Working Paper: Rational asset pricing bubbles (1995)
Working Paper: Rational Asset Pricing Bubbles (1993)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ecm:emetrp:v:65:y:1997:i:1:p:19-58

Ordering information: This journal article can be ordered from
https://www.economet ... ordering-back-issues

Access Statistics for this article

Econometrica is currently edited by Guido Imbens

More articles in Econometrica from Econometric Society Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().