Heterogeneous Stock Traders, Endogenous Bubbles, and Economic Fluctuations
Heterogeneous Stock Traders, Endogenous Bubbles, and Economic Fluctuations
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异质股票交易者、内生泡沫和经济波动
DOI：
10.1016/j.frl.2021.102607
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发表时间：
2021
影响因子：
10.4
通讯作者：
何怡瑶
中科院分区：
文献类型：
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作者：
何怡瑶
股市泡沫对真实的经济的影响一直是一个重要的话题。本文将行为经济学中的异质交易引入标准的动态随机一般均衡（DSGE）模型，发现：第一，异质交易行为导致了内生的股票泡沫;二是内生倒U型泡沫通过借贷约束渠道影响真实的经济，造成倒U型产出，推动产出逆全要素生产率（TFP）冲击下降而上升。第三，正泡沫和增长泡沫在促进真实的经济产出和投资方面占主导地位。
The impact of stock market bubbles on the real economy has always been an important topic. By introducing heterogeneous transactions of behavioral economics into a standard dynamic stochastic general equilibrium (DSGE) model, this paper finds, first, that heterogeneous trading behaviors cause an endogenous stock bubble. Second, the endogenous inverted U-shaped bubble affects the real economy through the borrowing constraint channel, which causes an inverted U-shaped output and promotes the output to rise against the decline of the total factor productivity (TFP) shock. Third, the positive bubble and increasing bubble dominate in promoting the output and investment of the real economy.