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10 février 2022
- handle: 10670/1.z77sv0
- halshs: halshs-02993656
- doi: 10.1016/j.jmateco.2022.102651
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jmateco.2022.102651
info:eu-repo/semantics/OpenAccess
Mots-clés
intertemporal equilibrium borrowing constraint real indeterminacy asset price bubble D - Microeconomics/D.D5 - General Equilibrium and Disequilibrium/D.D5.D53 - Financial Markets E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy G - Financial Economics/G.G1 - General Financial Markets/G.G1.G12 - Asset Pricing • Trading Volume • Bond Interest RatesSujets proches
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Stefano Bosi et al., « Real indeterminacy and dynamics of asset price bubbles in general equilibrium », HAL-SHS : économie et finance, ID : 10.1016/j.jmateco.2022.102651
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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.