Asset Bubbles, Pay as You Go Systems and Dynamic Efficiency
This paper deals with the role of bubbles, having the same meaning as Ponzi games, for implementing efficient growth paths in a closed economy overlapping generations model. It is shown that the well-known arbitrage condition for bubbles, namely that they must yield the same return in equilibrium as...
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| Format: | workingPaper |
| Language: | eng |
| Published: |
2019
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| Online Access: | http://hdl.handle.net/10362/88047 |
| Country: | Portugal |
| Oai: | oai:run.unl.pt:10362/88047 |