Bubbles and unemployment in an endogenous growth model
Bubbles and unemployment in an endogenous growth model
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内生增长模型中的泡沫和失业
DOI：
10.1093/oep/gpw032
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发表时间：
2016
期刊：
影响因子：
--
通讯作者：
橋本賢一
中科院分区：
文献类型：
--
作者：
任龍フン;橋本賢一
本文构建了一个包含劳动力市场摩擦的连续时间代际模型，考察了失业、资产泡沫和经济增长之间的关系。我们表明，资产泡沫的存在是偶然的失业率：泡沫（非泡沫）制度出现在均衡时，失业率相对较低（高）。我们的框架关注的是由基本面变量变化引起的资产泡沫的繁荣和破灭，而不是随机概率。然后，由于劳动力市场摩擦产生的失业率和经济增长之间的负相关关系，我们发现，泡沫制度表现出比非泡沫制度更高的增长率。此外，我们表明，对劳动力市场产生积极影响的政策或参数变化将经济从非泡沫制度转变为泡沫制度。
We construct a continuous-time overlapping-generations model with labour market frictions to examine the relationships among unemployment, asset bubbles, and economic growth. We show that the existence of asset bubbles is contingent upon the unemployment rate: a bubble (non-bubble) regime arises in equilibrium when unemployment is relative low (high). Our framework focuses on the boom and bust of asset bubbles caused by changes in fundamental variables, not a stochastic probability. Then, as labour market frictions generate a negative relationship between the unemployment rate and economic growth, we find that the bubble regime exhibits a higher growth rate than the non-bubble regime. Furthermore, we show that policy or parameter changes that have a positive influence on the labour market shift the economy from a non-bubble regime to a bubble regime.