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https://hdl.handle.net/1822/6842| Título: | Capital gains |
| Autor(es): | Conraria, Luís Aguiar Shell, Karl |
| Palavras-chave: | Bubbles Capital gains Heterogeneous capital Irreversible investment Overlapping generations Tobin's q |
| Data: | Set-2006 |
| Editora: | Wiley |
| Revista: | International Journal of Economic Theory |
| Citação: | "International Journal of Economic Theory". ISSN 1742-7355. 2:3-4 (Sep. 2006) 331-349. |
| Resumo(s): | We analyze a simple overlapping-generations model with two capital goods. The dynamical system is defined by savings behavior and short-run perfect-foresight asset-market clearing. Because lifetimes are finite, there is no transversality condition. If there is a bubble in asset pricing, it will burst in finite time: expectations will eventually be frustrated, but this might take several generations. This raises the question of whether (infinite) long-run perfect foresight is a reasonable assumption for overlapping-generations economies and, hence, whether bursting bubbles can occur in equilibrium. |
| Tipo: | Artigo |
| URI: | https://hdl.handle.net/1822/6842 |
| ISSN: | 1742-7355 1742-7363 |
| Versão da editora: | http://www.blackwell-synergy.com/loi/IJET |
| Arbitragem científica: | yes |
| Acesso: | Acesso aberto |
| Aparece nas coleções: | NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica |
Ficheiros deste registo:
| Ficheiro | Descrição | Tamanho | Formato | |
|---|---|---|---|---|
| Conraria_Shell_2006_IJET.pdf | Documento principal | 212,94 kB | Adobe PDF | Ver/Abrir |
