| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8924 |
| DP8924 Understanding Bubbly Episodes | |
| Jaume Ventura; Vasco Carvalho; Alberto Martin | |
| 发表日期 | 2012-04-01 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Over the last two decades U.S. aggregate wealth has fluctuated substantially. Against the backdrop of the Great Recession, the effects of these boom-and-bust cycles have come to dominate academic and policy discussions. How can we explain these fluctuations in wealth? Why are these fluctuations associated with changes in consumption, investment and output? In this note, we argue that answers to these questions entail the addition of two ingredients to existent macroeconomic models: rational bubbles and financial frictions. We explain why each of these building blocks is crucial to understand recent events and how they can be seamlessly integrated in standard models |
| 主题 | International Macroeconomics |
| 关键词 | Bubbly episodes Dynamic inefficiency Economic growth Financial frictions Bubbles |
| URL | https://cepr.org/publications/dp8924 |
| 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/537762 |
| 推荐引用方式 GB/T 7714 | Jaume Ventura,Vasco Carvalho,Alberto Martin. DP8924 Understanding Bubbly Episodes. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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