Comment on ‘Asset Bubbles and Overlapping Generations’ by Jean Tirole

IF 6.2 1区经济学 Q1 ECONOMICS

Econometrica Pub Date : 2026-06-08 DOI:10.3982/ECTA24365

Ngoc-Sang Pham, Alexis Akira Toda

引用次数: 0

Abstract

Tirole (1985) studied an overlapping generations model with capital accumulation and showed that the emergence of asset bubbles solves the capital over-accumulation problem. His Proposition 1(c) claims that if the dividend growth rate is above the bubbleless interest rate (the steady-state interest rate in the economy without the asset) but below the population growth rate, then bubbles are necessary in the sense that there exists no bubbleless equilibrium but there exists a unique bubbly equilibrium. We show that this result (as stated) is incorrect by presenting an example economy that satisfies all assumptions of Proposition 1(c) but its unique equilibrium is bubbleless. We also restore Proposition 1(c) under the additional assumptions that initial capital is sufficiently large and dividends are sufficiently small. We show through examples that these conditions are essential.

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评论让·梯若尔的《资产泡沫和代际重叠》

梯若尔（1985）研究了资本积累的代际重叠模型，表明资产泡沫的出现解决了资本过度积累的问题。他的命题1(c)声称，如果股息增长率高于无泡沫利率（不含资产的经济中的稳态利率），但低于人口增长率，那么泡沫是必要的，因为不存在无泡沫均衡，但存在唯一的泡沫均衡。我们通过展示一个例子经济来证明这个结果（如前所述）是不正确的，该例子经济满足命题1(c)的所有假设，但其唯一的均衡是无泡沫的。我们还在初始资本足够大且股息足够小的额外假设下恢复提案1(c)。我们通过例子说明这些条件是必不可少的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Econometrica 社会科学-数学跨学科应用

CiteScore

11.00

自引率

3.30%

发文量

审稿时长

6-12 weeks

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