| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3665 |
| DP3665 A Reappraisal of the Inflation-Unemployment Tradeoff | |
| Dennis Snower; Marika Karanassou; Hector Sala | |
| 发表日期 | 2002-12-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This Paper presents a stylized model of international trade and asset price bubbles. Its central insight is that bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles absorb local savings, eliminating inefficient investments and liberating resources that are in part used to invest in high productivity countries. Through this channel, bubbles act as a substitute for international capital flows, improving the international allocation of investment and reducing rate-of-return differentials across countries. This view of asset price bubbles has important implications for the way we think about economic growth and fluctuations. It also provides a simple account of some real world phenomenae that have been difficult to model before, such as the recurrence and depth of financial crises or their puzzling tendency to propagate across countries. |
| 主题 | International Macroeconomics |
| 关键词 | Asset price bubbles International capital flows |
| URL | https://cepr.org/publications/dp3665 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532673 |
| 推荐引用方式 GB/T 7714 | Dennis Snower,Marika Karanassou,Hector Sala. DP3665 A Reappraisal of the Inflation-Unemployment Tradeoff. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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