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Asset bubbles and efficiency in a generalized two-sector model

Abstract : We consider a multi-sector infinite-horizon general equilibrium model. The issues of equilibrium existence, efficiency, and bubble emergence are addressed. We show how different assets give rise to different rational bubbles. We also point out that efficient bubbly equilibria may exist.
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https://hal-paris1.archives-ouvertes.fr/hal-03260731
Contributor : Umr 8174 Centre d'Économie de la Sorbonne <>
Submitted on : Tuesday, June 15, 2021 - 10:38:54 AM
Last modification on : Thursday, July 15, 2021 - 2:25:43 PM

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Stefano Bosi, Cuong Le Van, Ngoc-Sang Pham. Asset bubbles and efficiency in a generalized two-sector model. Mathematical Social Sciences, Elsevier, 2017, 88, pp.37-48. ⟨10.1016/j.mathsocsci.2017.05.001⟩. ⟨hal-03260731⟩

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