Blanchard Tirole - Protection de l'Emploi Et Procédures de Licenciement
Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic...
Transcript of Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic...
![Page 1: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/1.jpg)
Asset Bubbles and Overlapping Generations
Jean Tirole
Econometrica, Vol. 53, No. 6. (Nov., 1985), pp. 1499-1528.
Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28198511%2953%3A6%3C1499%3AABAOG%3E2.0.CO%3B2-N
Econometrica is currently published by The Econometric Society.
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available athttp://www.jstor.org/about/terms.html. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtainedprior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content inthe JSTOR archive only for your personal, non-commercial use.
Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained athttp://www.jstor.org/journals/econosoc.html.
Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printedpage of such transmission.
JSTOR is an independent not-for-profit organization dedicated to and preserving a digital archive of scholarly journals. Formore information regarding JSTOR, please contact [email protected].
http://www.jstor.orgTue Mar 20 08:19:41 2007
![Page 2: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/2.jpg)
![Page 3: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/3.jpg)
![Page 4: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/4.jpg)
![Page 5: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/5.jpg)
![Page 6: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/6.jpg)
![Page 7: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/7.jpg)
![Page 8: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/8.jpg)
![Page 9: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/9.jpg)
![Page 10: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/10.jpg)
![Page 11: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/11.jpg)
![Page 12: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/12.jpg)
![Page 13: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/13.jpg)
![Page 14: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/14.jpg)
![Page 15: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/15.jpg)
![Page 16: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/16.jpg)
![Page 17: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/17.jpg)
![Page 18: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/18.jpg)
![Page 19: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/19.jpg)
![Page 20: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/20.jpg)
![Page 21: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/21.jpg)
![Page 22: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/22.jpg)
![Page 23: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/23.jpg)
![Page 24: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/24.jpg)
![Page 25: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/25.jpg)
![Page 26: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/26.jpg)
![Page 27: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/27.jpg)
![Page 28: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/28.jpg)
![Page 29: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/29.jpg)
![Page 30: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/30.jpg)
![Page 31: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/31.jpg)
![Page 32: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/32.jpg)
You have printed the following article:
Asset Bubbles and Overlapping GenerationsJean TiroleEconometrica, Vol. 53, No. 6. (Nov., 1985), pp. 1499-1528.Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28198511%2953%3A6%3C1499%3AABAOG%3E2.0.CO%3B2-N
This article references the following linked citations. If you are trying to access articles from anoff-campus location, you may be required to first logon via your library web site to access JSTOR. Pleasevisit your library's website or contact a librarian to learn about options for remote access to JSTOR.
[Footnotes]
2 On Endogenous Competitive Business CyclesJean-Michel GrandmontEconometrica, Vol. 53, No. 5. (Sep., 1985), pp. 995-1045.Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28198509%2953%3A5%3C995%3AOECBC%3E2.0.CO%3B2-D
4 Comparative Statics and Perfect Foresight in Infinite Horizon EconomiesTimothy J. Kehoe; David K. LevineEconometrica, Vol. 53, No. 2. (Mar., 1985), pp. 433-453.Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28198503%2953%3A2%3C433%3ACSAPFI%3E2.0.CO%3B2-O
15 On the Possibility of Speculation under Rational ExpectationsJean TiroleEconometrica, Vol. 50, No. 5. (Sep., 1982), pp. 1163-1181.Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28198209%2950%3A5%3C1163%3AOTPOSU%3E2.0.CO%3B2-7
22 Do Sunspots Matter?David Cass; Karl ShellThe Journal of Political Economy, Vol. 91, No. 2. (Apr., 1983), pp. 193-227.Stable URL:
http://links.jstor.org/sici?sici=0022-3808%28198304%2991%3A2%3C193%3ADSM%3E2.0.CO%3B2-A
http://www.jstor.org
LINKED CITATIONS- Page 1 of 3 -
NOTE: The reference numbering from the original has been maintained in this citation list.
![Page 33: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/33.jpg)
References
13 Do Sunspots Matter?David Cass; Karl ShellThe Journal of Political Economy, Vol. 91, No. 2. (Apr., 1983), pp. 193-227.Stable URL:
http://links.jstor.org/sici?sici=0022-3808%28198304%2991%3A2%3C193%3ADSM%3E2.0.CO%3B2-A
15 National Debt in a Neoclassical Growth ModelPeter A. DiamondThe American Economic Review, Vol. 55, No. 5, Part 1. (Dec., 1965), pp. 1126-1150.Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28196512%2955%3A5%3C1126%3ANDIANG%3E2.0.CO%3B2-L
16 Market Fundamentals versus Price-Level Bubbles: The First TestsRobert P. Flood; Peter M. GarberThe Journal of Political Economy, Vol. 88, No. 4. (Aug., 1980), pp. 745-770.Stable URL:
http://links.jstor.org/sici?sici=0022-3808%28198008%2988%3A4%3C745%3AMFVPBT%3E2.0.CO%3B2-C
19 On Endogenous Competitive Business CyclesJean-Michel GrandmontEconometrica, Vol. 53, No. 5. (Sep., 1985), pp. 995-1045.Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28198509%2953%3A5%3C995%3AOECBC%3E2.0.CO%3B2-D
20 The Determinants of the Variability of Stock Market PricesSanford J. Grossman; Robert J. ShillerThe American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-ThirdAnnual Meeting of the American Economic Association. (May, 1981), pp. 222-227.Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28198105%2971%3A2%3C222%3ATDOTVO%3E2.0.CO%3B2-8
http://www.jstor.org
LINKED CITATIONS- Page 2 of 3 -
NOTE: The reference numbering from the original has been maintained in this citation list.
![Page 34: Asset Bubbles and Overlapping Generations Jean Tirole ... SeminarsØkon...The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the Ninety-Third Annual Meeting of](https://reader035.fdocuments.us/reader035/viewer/2022070217/612295b59681b2767c6ba422/html5/thumbnails/34.jpg)
22 Comparative Statics and Perfect Foresight in Infinite Horizon EconomiesTimothy J. Kehoe; David K. LevineEconometrica, Vol. 53, No. 2. (Mar., 1985), pp. 433-453.Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28198503%2953%3A2%3C433%3ACSAPFI%3E2.0.CO%3B2-O
25 The Present-Value Relation: Tests Based on Implied Variance BoundsStephen F. LeRoy; Richard D. PorterEconometrica, Vol. 49, No. 3. (May, 1981), pp. 555-574.Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28198105%2949%3A3%3C555%3ATPRTBO%3E2.0.CO%3B2-3
30 An Exact Consumption-Loan Model of Interest with or without the Social Contrivance ofMoneyPaul A. SamuelsonThe Journal of Political Economy, Vol. 66, No. 6. (Dec., 1958), pp. 467-482.Stable URL:
http://links.jstor.org/sici?sici=0022-3808%28195812%2966%3A6%3C467%3AAECMOI%3E2.0.CO%3B2-Z
32 Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?Robert J. ShillerThe American Economic Review, Vol. 71, No. 3. (Jun., 1981), pp. 421-436.Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28198106%2971%3A3%3C421%3ADSPMTM%3E2.0.CO%3B2-2
34 The Price of Money in a Pure Exchange Monetary Economy with TaxationRoss M. StarrEconometrica, Vol. 42, No. 1. (Jan., 1974), pp. 45-54.Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28197401%2942%3A1%3C45%3ATPOMIA%3E2.0.CO%3B2-4
35 On the Possibility of Speculation under Rational ExpectationsJean TiroleEconometrica, Vol. 50, No. 5. (Sep., 1982), pp. 1163-1181.Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28198209%2950%3A5%3C1163%3AOTPOSU%3E2.0.CO%3B2-7
http://www.jstor.org
LINKED CITATIONS- Page 3 of 3 -
NOTE: The reference numbering from the original has been maintained in this citation list.