Real indeterminacy and dynamics of asset price bubbles in general equilibrium - Centre d'Étude des Politiques Économiques Accéder directement au contenu
Pré-Publication, Document De Travail Année : 2020

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 clarify 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 (Tirole, 1985).
Fichier principal
Vignette du fichier
AssetBubble-Indeterminacy-2020-2.pdf (677.94 Ko) Télécharger le fichier
Origine : Fichiers produits par l'(les) auteur(s)
Loading...

Dates et versions

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

Identifiants

  • HAL Id : halshs-02993656 , version 1

Citer

Stefano Bosi, Cuong Le Van, Ngoc-Sang Pham. Real indeterminacy and dynamics of asset price bubbles in general equilibrium. 2020. ⟨halshs-02993656v1⟩
188 Consultations
250 Téléchargements

Partager

Gmail Facebook X LinkedIn More