market. We find that the existence of bonus contracts does not increase the likelihood of bubbles but it affects their …

We study the existence of equilibrium and rational bubbles in a Ramsey model with heterogeneous agents, borrowing … existence of equilibrium in the Ramsey model. In the second part of the paper, we address the issue of rational bubbles and we …

second regime occurs, we say that the economy experiences a temporary bubble. We show the existence of temporary bubbles, and … we prove that cyclical equilibria may exist. In these equilibria, the economy experiences some periods without bubbles … and some periods with bubbles. We also show that monetary creation can be used in order to eliminate temporary bubbles. …

We study the existence of equilibrium and rational bubbles in a Ramsey model with heterogeneous agents, borrowing … Ramsey model. In the second part of the paper, we address the issue of rational bubbles and we prove that they never occur in …

) bubbles can arise. From a normative point of view, monetary policies that are not too expansive, are recommended in order to …

the fundamental asset value and the recurrent presence of autonomous deviations or bubbles. Such a process can be … theory to analyze ordinary least-squares (OLS) estimation. One important theoretical observation is that the estimator … common procedure in the presence of localizing parameters. This methodology allows to detect the presence of bubbles and …

a post-Keynesian authority on monetary theory and financial institutions. He had extensively studied the economic … economic concepts of the efficient market theory which believes that force of invisible hands keep the markets clear. Minsky …