Real indeterminacy and dynamics of asset price bubbles in general equilibrium
1
EPEE -
Centre d'Etudes des Politiques Economiques
2 Université Paris-Saclay
3 CNRS - Centre National de la Recherche Scientifique
4 PSE - Paris School of Economics
5 IPAG Business School
6 TIMAS - Institute of Mathematics and Applied Science
7 CES - Centre d'économie de la Sorbonne
8 Métis Lab EM Normandie
2 Université Paris-Saclay
3 CNRS - Centre National de la Recherche Scientifique
4 PSE - Paris School of Economics
5 IPAG Business School
6 TIMAS - Institute of Mathematics and Applied Science
7 CES - Centre d'économie de la Sorbonne
8 Métis Lab EM Normandie
Stefano Bosi
- Fonction : Auteur
- PersonId : 845042
Cuong Le Van
- Fonction : Auteur
- PersonId : 835139
- ORCID : 0000-0002-2710-522X
- IdRef : 050221027
Ngoc-Sang Pham
- Fonction : Auteur
- PersonId : 736862
- IdHAL : ngoc-sang-pham
- ORCID : 0000-0001-9037-3019
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.
Format du dépôt | Fichier |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Real indeterminacy and dynamics of asset price bubbles in general equilibrium
|
Résumé |
en
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.
|
Auteur(s) |
Stefano Bosi
1, 2
, Cuong Le Van
3, 4, 5, 6, 7
, Ngoc-Sang Pham
8
1
EPEE -
Centre d'Etudes des Politiques Economiques
( 1042269 )
- 4, boulevard François Mitterrand, 91025 EVRY CEDEX
- France
2
Université Paris-Saclay
( 419361 )
- Bâtiment Bréguet, 3 Rue Joliot Curie 2e ét, 91190 Gif-sur-Yvette
- France
3
CNRS -
Centre National de la Recherche Scientifique
( 441569 )
- France
4
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
5
IPAG Business School
( 542840 )
- 184 boulevard Saint-Germain, 75006 Paris
- France
6
TIMAS -
Institute of Mathematics and Applied Science
( 557622 )
- Viêt Nam
7
CES -
Centre d'économie de la Sorbonne
( 15080 )
- Maison des Sciences Économiques - 106-112 Boulevard de l'Hôpital - 75647 Paris Cedex 13
- France
8
Métis Lab EM Normandie
( 150910 )
- 30 rue de Richelieu 76600 Le Havre
- France
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Nom de la revue |
|
Volume |
100
|
Page/Identifiant |
102651
|
Langue du document |
Anglais
|
Date de publication |
2022-02-10
|
Mots-clés (JEL) |
|
Domaine(s) |
|
Mots-clés |
en
intertemporal equilibrium, borrowing constraint, real indeterminacy, asset price bubble
|
DOI | 10.1016/j.jmateco.2022.102651 |
Origine :
Fichiers produits par l'(les) auteur(s)
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