Bubbles and constraints on debt accumulation (vol 57, pg 245, 1992)
成果类型：
Correction
署名作者：
Kocherlakota, Narayana; Toda, Alexis Akira
署名单位：
University of Rochester; University of California System; University of California San Diego
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1016/j.jet.2023.105608
发表日期：
2023
关键词：
摘要：
Kocherlakota (1992) considers a deterministic economy with a finite number of immortal agents who trade a single asset subject to short-sales constraints. Proposition 4 shows that, in any equilibrium with a bubble, the present value of an agent's endowment is infinite if the agent's asset holdings do not converge over time to a limit. This note corrects an error in the proof of Proposition 4. (C) 2023 Published by Elsevier Inc.
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