Growth Effects of Bubbles in an Endogenous Growth Model
Growth Effects of Bubbles in an Endogenous Growth Model
复制标题
内生生长模型中气泡的生长效应
DOI：
10.1111/1468-5876.00148
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发表时间：
2000
期刊：
影响因子：
--
通讯作者：
Akihisa Shibata
中科院分区：
文献类型：
--
作者：
Koichi Futagami;Akihisa Shibata
本文利用一个内生增长模型考察了泡沫存在的可能性及其对经济增长率的影响。给出了含气泡系统存在稳态平衡的充要条件。如果允许无用资产供给的非零利率，即使无泡沫均衡的增长率低于市场利率，也存在有泡沫的稳态均衡。在存在泡沫的稳定状态下，经济增长率正依赖于无用资产的供给率。并对气泡的动力学特性进行了分析。
JEL分类号：E52、O41、O42。
This paper examines the possibility of the existence of bubbles and their effects on the growth rate by using an endogenous growth model. A necessary and sufficient condition for the existence of steady-state equilibrium with bubbles is provided. If non-zero rates of the useless asset supply are allowed, a steady-state equilibrium with bubbles exists even if the growth rate of the bubbleless equilibrium is lower than the market interest rate. The growth rate in the steady state with bubbles depends positively on the supply rate of the useless asset. Dynamic properties of bubbles are also analysed.
JEL Classification Numbers: E52, O41, O42.