| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7770 |
| DP7770 Economic Growth with Bubbles | |
| Jaume Ventura; Alberto Martin | |
| 发表日期 | 2010-04-12 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We develop a stylized model of economic growth with bubbles. In this model, financial frictions lead to equilibrium dispersion in the rates of return to investment. During bubbly episodes, relatively inefficient investors demand bubbles while relatively efficient investors supply them. Because of this, bubbly episodes channel resources towards efficient investment raising the growth rates of capital and output. The model also illustrates that the existence of bubbly episodes requires some investment to be dynamically inefficient: otherwise, there would be no demand for bubbles. This dynamic inefficiency, however, might be generated by an expansionary episode itself. |
| 主题 | International Macroeconomics |
| 关键词 | Asset bubbles Dynamic inefficiency Economic growth Financial frictions Pyramid schemes |
| URL | https://cepr.org/publications/dp7770 |
| 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/536614 |
| 推荐引用方式 GB/T 7714 | Jaume Ventura,Alberto Martin. DP7770 Economic Growth with Bubbles. 2010. |
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