| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7612 |
| DP7612 The Macroeconomics of Model T | |
| Josef Zweimüller; Reto Foellmi; Tobias Wuergler | |
| 发表日期 | 2009-12-20 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading requires specialized intermediaries and where agents freely choose between working in the production or in the financial sector. Frictions in the market for deposits create rents in the financial sector that affect workers' choice of occupation. When rents are large, the private gains associated with trading asset bubbles may lead too many workers to become speculators, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled labor only, then asset bubbles displace skilled workers away from the productive sector and raise income and consumption inequalities. |
| 主题 | Labour Economics |
| 关键词 | Dynamic efficiency Occupational choice Rational bubbles |
| URL | https://cepr.org/publications/dp7612 |
| 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/536449 |
| 推荐引用方式 GB/T 7714 | Josef Zweimüller,Reto Foellmi,Tobias Wuergler. DP7612 The Macroeconomics of Model T. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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