Articlegreen1997

Rational Asset Pricing Bubbles

566 citations0/0 files storedEconometrica

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Economic theories and models Monetary Policy and Economic Impact Financial Markets and Investment Strategies

Abstract

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.

Citations in this library

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References

1974Are Government Bonds Net Wealth?1958An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money 1990Lectures on macroeconomics 1982On the Possibility of Speculation under Rational Expectations 1990Lectures on Macroeconomics.1962The Theory of Linear Economic Models 1994Monetary policy and price level determinacy in a cash-in-advance economy 1988Dynamic Macroeconomic Theory

Cited by

2004Macroeconomics and housing: a review of the literature 2014Monetary Policy and Rational Asset Price Bubbles 2003Chapter 13 Consumption-based asset pricing 2015Stock Market Volatility and Learning 1999Chapter 19 Asset prices, consumption, and the business cycle 2012Liquidity, Business Cycles, and Monetary Policy 2011Bubbly Liquidity 2004Riding the South Sea Bubble

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