haku: @author Chakraborty, S. / yhteensä: 4
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| Tekijä: | Azariadis, C. Chakraborty, S. |
| Otsikko: | Asset price volatility in a nonconvex general equilibrium model |
| Lehti: | Economic Theory
1998 : VOL. 12:3, p. 649-666 |
| Asiasana: | ECONOMIC THEORY ASSETS PRICES |
| Kieli: | eng |
| Tiivistelmä: | Asset prices and returns are known to vary significantly more than output or aggregate consumption growth, and an order of magnitude in excess of what is justified by innovations to fundamentals. The authors study excess price volatility in a lifecycle economy with two assets (claims on capital and a public debt bubble), heterogeneous agents, and increasing returns to financial intermediation. The authors show that a relatively modest nonconvexity generates a set valued equilibrium correspondence in asset prices, with two stable branches. |
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