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Article Dans Une Revue Journal of Mathematical Economics Année : 2022

Real indeterminacy and dynamics of asset price bubbles in general equilibrium

Résumé

We show that both real indeterminacy and asset price bubble may appear in an infinite-horizon exchange economy with infinitely lived agents and an imperfect financial market. We explain how the asset structure and heterogeneity (in terms of preferences and endowments) affect the existence and the dynamics of asset price bubbles as well as the equilibrium indeterminacy. Moreover, this paper bridges the literature on bubbles in models with infinitely lived agents and that in overlapping generations models.
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Dates et versions

halshs-02993656 , version 1 (06-11-2020)
halshs-02993656 , version 2 (25-09-2021)

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Citer

Stefano Bosi, Cuong Le Van, Ngoc-Sang Pham. Real indeterminacy and dynamics of asset price bubbles in general equilibrium. Journal of Mathematical Economics, 2022, 100, pp.102651. ⟨10.1016/j.jmateco.2022.102651⟩. ⟨halshs-02993656v2⟩
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