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. …

persistent endogenous fluctuations around the golden rule. Our explanation leads on the features of the credit market. We … small credit market imperfections and, thereby, persistent expectation-driven fluctuations of equilibria with (rational …) 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 … common procedure in the presence of localizing parameters. This methodology allows to detect the presence of bubbles and …

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 … Ramsey model. In the second part of the paper, we address the issue of rational bubbles and we prove that they never occur in …

crédit est plafonné par la législation. En parallèle, la croissance de la microfinance dans le monde a montré que les … techniques innovatrices peuvent augmenter la disponibilité de crédit, sans augmenter indûment le risque. Néanmoins, cette … croissance de l'accès au crédit peut ne pas se concrétiser si les taux de crédit restent plafonnés par des lois régissant l …

real per output growth, excess credit, foreign direct investment (FDI) and the current account balance, in the Central and … credit. The results are economically and statistically significant, and robust. …