Rational Asset Pricing Bubbles
Manuel S. Santos and
Michael Woodford ()
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Manuel S. Santos: Universidad Carlos III, Madrid
No 9304, Working Papers from Centro de Investigacion Economica, ITAM
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 nonexistence of asset pricing bubbles in those economies. These results imply that the conditions under which bubbles are possible --including some well-known examples of monetary equilibria-- are relatively fragile.
Pages: 63 pages
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Journal Article: Rational Asset Pricing Bubbles (1997)
Working Paper: Rational asset pricing bubbles (1995)
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Persistent link: https://EconPapers.repec.org/RePEc:cie:wpaper:9304
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