Real indeterminacy and dynamics of asset price bubbles in general equilibrium

被引：1

作者：

Bosi, Stefano ^{[1
]}

Le Van, Cuong ^{[2
,3
,4
,5
]}

Pham, Ngoc-Sang ^{[6
]}

机构：

[1] Univ Paris Saclay, EPEE, Saclay, France

[2] PSE, Paris, France

[3] CNRS, Paris, France

[4] TIMAS, Hanoi, Vietnam

[5] CASED, Ho Chi Minh City, Vietnam

[6] EM Normandie Business Sch, Metis Lab, Le Havre, France

来源：

JOURNAL OF MATHEMATICAL ECONOMICS | 2022年 / 100卷

关键词：

Asset price bubble; Real indeterminacy; Borrowing constraint; Intertemporal equilibrium; Infinite-horizon; INFINITE-HORIZON; MONETARY-POLICY; CONSTRAINTS; EFFICIENCY; GROWTH;

D O I：

10.1016/j.jmateco.2022.102651

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页数：15

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