THE MODIGLIANI-MILLER THEOREM IN A DYNAMIC ECONOMY

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 prove...

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Veröffentlicht in:	Hitotsubashi journal of economics 2010-06, Vol.51 (1), p.43-55
1. Verfasser:	Takekuma, Shin-Ichi
Format:	Artikel
Sprache:	eng
Schlagworte:	Aggregate analysis Aggregate economy Applied economics Asset pricing Bonds Capital market Commodities Consumer economics Consumer equilibrium Economic conditions Economic dynamics Economic equilibrium theory Economic expectations Economic modeling Economic models Economic theory Economic uncertainty Studies Utility functions
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Beschreibung
Zusammenfassung:	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.
ISSN:	0018-280X 2436-097X
DOI:	10.15057/18604