泡沫的存在性及其對經(jīng)濟的影響

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摘要 本文探討了資產(chǎn)定價泡沫在世代交迭模型中存在的可能性，證明了資產(chǎn)定價泡沫只可能在經(jīng)濟是動態(tài)無效的情況下才能夠存在，并且給出了隨機情況下泡沫存在的條件.從理論上分析了資產(chǎn)定價泡沫對經(jīng)濟的影響，結(jié)果表明在實質(zhì)資本收益率確定的情況下，適當(dāng)?shù)?資產(chǎn)定價泡沫對我國經(jīng)濟有益，會增加人均消費，加快我國經(jīng)濟向動態(tài)有效轉(zhuǎn)化，使資源配置達到Pareto最優(yōu)；在實質(zhì)資本受益率隨機的情況下，資產(chǎn)定價泡沫對經(jīng)濟的影響是不確定的，其效果依賴于投資者對未來投資實質(zhì)資本收益率的預(yù)期.

關(guān)鍵詞 泡沫，市場基本值，世代交迭模型，動態(tài)無效

部分參考文獻

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