TESTING FOR RATIONAL INFLATIONARY BUBBLES - THE CASE OF ARGENTINA, BRAZIL AND ISRAEL

被引：1

作者：

ENGSTED, T

机构：

[1] The Aarhus School of Business, Aarhus V, Fuglesangs all 4

来源：

APPLIED ECONOMICS | 1993年 / 25卷 / 05期

关键词：

D O I：

10.1080/00036849300000012

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper it is examined whether the existence of rational bubbles can explain the dynamics of the price level during the Argentine, Brazilian and Israeli high inflations in the first half of the 1980s. Based on the Cagan (1956) money demand model, the West (1987) specification test finds evidence of rational inflationary bubbles in the three countries when the money supply is assumed to be exogenous. However, if endogeneity of money is taken into account, there is no evidence of rational bubbles.

引用

页码：667 / 674

页数：8

共 29 条

[21] RULING OUT DIVERGENT SPECULATIVE BUBBLES [J].