THE MODIGLIANI-MILLER THEOREM IN A DYNAMIC ECONOMY
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概要
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A dynamic economy with markets of equities and bonds is considered. The rational expectations equilibrium is defined in an asset pricing model and a condition under which the Modigliani-Miller theorem holds is shown. In an aggregate model the existence of a rational expectations equilibrium is proved.
著者
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武隈 愼一
Graduate School of Economics, Hitotsubashi University
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武隈 愼一
Graduate School Of Economics Hitotsubashi University
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- THE MODIGLIANI-MILLER THEOREM IN A DYNAMIC ECONOMY
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