Working Paper : 2013052 Title of Paper A Note on the Crowd-in Effect of Asset Bubbles in the Perpetual Youth Model
Working Paper : 2013052 Title of Paper A Note on the Crowd-in Effect of Asset Bubbles in the Perpetual Youth Model
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工作论文：2013052 论文标题 论永葆青春模型中资产泡沫的挤入效应
DOI：
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
Takuma Kunieda
中科院分区：
文献类型：
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作者：
Takuma Kunieda
本文提出了一个世代重叠的永久青年模型，在这个模型中，金融摩擦的存在可以产生促进资本积累的资产泡沫的挤入效应。资产泡沫的存在提高了均衡利率。虽然提高的利率将生产力较低的代理人排除在生产活动之外，但这些代理人受益于本质上无用的资产的流动性，将资产滚动到下一个时期。其结果是，配置的低效率得到纠正，并促进资本积累合理的参数值。
A perpetual youth overlapping generations model is presented in which the presence of financial frictions can create the crowd-in effect of asset bubbles that promotes capital accumulation. The existence of asset bubbles increases the equilibrium interest rate. Although the increased interest rate excludes less productive agents from production activity, these agents benefit from the liquidity of an intrinsically useless asset, rolling over the asset to the next period. As a result, allocative inefficiency is corrected, and capital accumulation is promoted under plausible parameter values.