| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14367 |
| DP14367 Rational Bubbles in Non-Linear Business Cycle Models: Closed and Open Economies | |
| Robert Kollmann | |
| 发表日期 | 2020-01-30 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper studies rational bubbles in non-linear dynamic general equilibrium models of the macroeconomy. The term ‘rational bubbles’ refers to multiple equilibria arising from the absence of a transversality condition (TVC) for capital. The lack of TVC can be due to an overlapping generations structure. Rational bubbles reflect self-fulfilling fluctuations in agents’ expectations about future investment. In contrast to explosive rational bubbles in linearized models (Blanchard (1979)), the rational bubbles in non-linear models here are stable and bounded. Bounded bubbles can generate persistent fluctuations of real activity, and capture key business cycle stylized facts. Both closed and open economies are analyzed. In a non-linear two-country model with integrated financial markets, bubbles must be perfectly correlated across countries. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Rational bubbles Boom-bust cycles Business cycles in closed and open economies Non-linear dsge models Long-plosser model Dellas model |
| URL | https://cepr.org/publications/dp14367-0 |
| 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/543259 |
| 推荐引用方式 GB/T 7714 | Robert Kollmann. DP14367 Rational Bubbles in Non-Linear Business Cycle Models: Closed and Open Economies. 2020. |
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