Asset Bubbles, Unemployment, and a Financial Crisis
Asset Bubbles, Unemployment, and a Financial Crisis
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DOI：
10.1016/j.jmacro.2020.103212
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发表时间：
2020-09-01
影响因子：
1.4
通讯作者：
Kunieda, Takuma
中科院分区：
文献类型：
--
作者：
Hashimoto, Ken-ichi;Im, Ryonghun;Kunieda, Takuma
提出了一个包含资产泡沫的易于处理的增长模型，以证明泡沫破裂引起的金融危机会增加失业率。本质上无用的泡沫资产具有正的市场价值，因为对于生产率不够低的代理人来说，购买资产是唯一的储蓄方法，而对于生产率较高的代理人来说，出售资产是启动投资项目的一种筹款方法。资产泡沫的存在纠正了生产资源配置的低效率，将投资资源从低生产率主体转移到高生产率主体。因此，资产泡沫的存在可以促进资本积累。随着资本的积累和产出的增加，空缺职位的数量会增加，因为公司需要更多的资金来支付搜索成本。因此，企业有动力增加就业。然而，外部不确定性可能会导致资产泡沫破裂，引发自我实现的金融危机，随之而来的是失业率上升。
A tractable growth model with asset bubbles is presented to demonstrate that a financial crisis caused by a bubble bursting increases unemployment rates. A bubbly asset, which is intrinsically useless, has a positive market value because purchasing the asset is a sole saving method for agents who draw insufficiently low productivity, whereas selling the asset is a fund-raising method for agents who draw high productivity to initiate an investment project. The presence of asset bubbles corrects allocative inefficiency regarding production resources, relocating investment resources from low-productivity agents to high-productivity agents. Accordingly, the presence of asset bubbles can promote capital accumulation. As capital accumulates and output increases, the number of vacant positions increases because firms acquire more funds to cover a search cost. As a result, firms are incentivized to increase employment. However, extrinsic uncertainty may burst asset bubbles and cause a self-fulfilling financial crisis, which is followed by increased unemployment.