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Asset bubbles and efficiency in a generalized two-sector model
Archive ouverte : Autre publication scientifique
Edité par HAL CCSD
URL des Documents de travail : http://ces.univ-paris1.fr/cesdp/cesdp2016.html. Documents de travail du Centre d'Economie de la Sorbonne 2016.29 - ISSN : 1955-611X. 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.