Rational asset pricing bubbles

被引：227

作者：

Santos, MS ^{[1
]}

Woodford, M ^{[1
]}

机构：

[1] PRINCETON UNIV,DEPT ECON,PRINCETON,NJ 08544

来源：

ECONOMETRICA | 1997年 / 65卷 / 01期

关键词：

asset pricing bubbles; rational expectations; sequentially incomplete markets; money;

D O I：

10.2307/2171812

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：19 / 57

页数：39

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