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Relative Wealth Concerns and Financial Bubbles

Peter M. DeMarzo, Ron Kaniel and Ilan Kremer.

in The Review of Financial Studies

January 2008; p ublished online January 2008 .

Journal Article. Subjects: Economics; General Equilibrium and Disequilibrium; Financial Markets; Intertemporal Choice and Growth; Money and Interest Rates. 13152 words.

We present a rational general equilibrium model that highlights the fact that relative wealth concerns can play a role in explaining financial bubbles. We consider a finite-horizon...