Confidence and the Real Value of Money in an Overlapping Generations Economy
证明，在一般均衡中，如果泡沫持续的概率超过某个最低信心阈值，那么一种内在无用且无担保的资产（货币）上可能存在随机泡沫。该条件在无泡沫经济动态有效时总被违反，在动态无效时更可能满足。
We demonstrate that stochastic bubbles which have a constant, exogenous, probability of collapsing may exist, in general equilibrium, on an intrinsically useless and unbacked asset (money). This may happen provided that the probability q that the bubble will persist next period is large enough and exceeds a threshold level Q which we call the minimum rate of confidence. This condition is always violated when the economy without bubble is dynamically efficient. It is more likely to be satisfied, in dynamically inefficient economies, the larger the "size" of the inefficiency (as measured by the excess of the growth rate over the no-bubble interest rate). We study both exchange and production economies.