Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/176025 
Year of Publication: 
2007
Series/Report no.: 
Texto para discussão No. 542
Publisher: 
Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Departamento de Economia, Rio de Janeiro
Abstract: 
When infinite lived agents trade long-lived assets secured by durable goods, equilibrium exists without any uniform impatience requirements or additional debt constraints. Asset pricing bubbles are absent when the new endowments of durable goods are uniformly bounded away from zero. Otherwise, bubbles may occur, even for assets in persistently positive net supply and for deflators that yield finite present values of aggregate wealth.
Subjects: 
Existence of equilibrium
Asset pricing bubbles
Collateralized assets.
JEL: 
D50
D52
Document Type: 
Working Paper

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