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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. Asset supply is endogenous. The issues of equilibrium existence, efficiency, and bubble emergence are addressed. We show how different assets give rise to very different rational bubbles. We also point out that efficient bubbly equilibria may exist.
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https://halshs.archives-ouvertes.fr/halshs-01316876
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Submitted on : Tuesday, May 17, 2016 - 5:26:23 PM
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Long-term archiving on: : Friday, August 19, 2016 - 5:18:36 PM

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  • HAL Id : halshs-01316876, version 1

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Stefano Bosi, Cuong Le Van, Ngoc-Sang Pham. Asset bubbles and efficiency in a generalized two-sector model. 2016. ⟨halshs-01316876⟩

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