Asset bubbles, unemployment, and financial market frictions
Asset bubbles, unemployment, and financial market frictions
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资产泡沫、失业和金融市场摩擦
DOI：
10.1111/ecin.13101
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发表时间：
2022
期刊：
影响因子：
1.8
通讯作者：
Shibata Akihisa
中科院分区：
文献类型：
--
作者：
Hashimoto Ken‐ichi;Im Ryonghun;Kunieda Takuma;Shibata Akihisa
我们开发了一个关于泡沫和失业的可处理的无限视界模型。我们的理论分析证明，泡沫刺激资本积累，降低失业率，增加消费。然后，我们用数值方法考察了信贷约束、劳动力市场条件和再分配政策对资本积累、失业和福利的影响。我们的数值研究表明，即使在约束-最优政策中和了模型中固有的外部性，有泡沫稳态的社会福利也总是大于无泡沫稳态的社会福利。此外，我们发现，在信贷约束更严格的经济体中，泡沫在更大程度上增加了福利。
We develop a tractable infinite horizon model of bubbles and unemployment. Our theoretical analysis proves that bubbles stimulate capital accumulation, reduce unemployment, and increase consumption. We then numerically investigate the impacts of credit constraints, labor market conditions, and redistribution policy on capital accumulation, unemployment, and welfare. Our numerical investigations show that the social welfare in the bubbly steady state is always greater than that in the bubbleless steady state even under the constrained‐optimal policy that neutralizes externalities inherent in the model. Furthermore, we find that bubbles increase welfare to a greater extent in an economy with stricter credit constraints.