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Rational asset pricing bubbles

Michael Woodford () and Manuel S. Santos

UC3M Working papers. Economics from Universidad Carlos III de Madrid. Departamento de Economía

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.

Keywords: Asset; pricing; bubbles; Rational; expectations; Sequentially; incomplete; markets; Money (search for similar items in EconPapers)
Date: 1995-07
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https://e-archivo.uc3m.es/bitstream/handle/10016/3913/we952616.pdf?sequence=1 (application/pdf)

Related works:
Journal Article: Rational Asset Pricing Bubbles (1997)
Working Paper: Rational Asset Pricing Bubbles (1993)
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Persistent link: https://EconPapers.repec.org/RePEc:cte:werepe:3913

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