Rational Asset Pricing Bubbles
系统研究了跨期竞争均衡中理性资产定价泡沫存在的经济条件，主要结论是泡沫在多数情况下不存在，其可能条件相对脆弱。
This paper provides a fairly systematic study of general economic conditions under which rational asset pricing bubbles may arise in an intertemporal competitive equilibrium framework.Our main results are concerned with non-existence of asset pricing bubbles in those economies.These results imply that the conditions under which bubbles are possible inc1uding sorne well-known examples of monetary equilibria-are relatively fragile.