Rational Speculation

Leach, John

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Journal of Political...arrow_drop_down

Journal of Political Economy

Article . 1991 . Peer-reviewed

Data sources: Crossref

Research Papers in Economics

Article . 1991

Data sources: Research Papers in Economics

Rational Speculation

descriptionPublicationkeyboard_double_arrow_right Article 01 Feb 1991 English Publisher:University of Chicago PressJournal:Journal of Political Economy, volume 99, pages 131-144 (issn: 0022-3808, eissn: 1537-534X,

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Authors: Leach, John;

doi: 10.1086/261743

Rational Speculation

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Abstract

The stationary equilibrium of an overlapping generations economy in which agents trade a single asset is examined. If agents live for only two periods, the selling prices follow an identically and independently distributed process. If agents live for more than two periods, the selling prices follow a Markov process. An implication of the model is that price bubbles can occur in a stationary, rational expectations equilibrium. Copyright 1991 by University of Chicago Press.

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