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9 mars 2023
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- 2303.05636
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Economics - Theoretical EconomicsSujets proches
Balancing (Physics) Balance (Physics) BalanceCiter ce document
Tomohiro Hirano et al., « Unique Equilibria in Models of Rational Asset Price Bubbles », arXiv - économie
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Existing models of rational pure bubble models feature multiple (and often a continuum of) equilibria, which makes model predictions and policy analysis non-robust. We show that when the interest rate in the fundamental equilibrium is below the economic growth rate ($R