The DOI matches its Crossref record; 26 of the 26 references it cites were found in a registry or an index.
Economic Growth with Bubbles
Abstract
We develop a stylized model of economic growth with bubbles in which changes in investor sentiment lead to the appearance and collapse of macroeconomic bubbles or pyramid schemes. These bubbles mitigate the effects of financial frictions. During bubbly episodes, unproductive investors demand bubbles while productive investors supply them. These transfers of resources improve economic efficiency thereby expanding consumption, the capital stock and output. When bubbly episodes end, there is a fall in consumption, the capital stock and output. We argue that the stochastic equilibria of the model provide a natural way of introducing bubble shocks into business cycle models. (JEL E22, E23, E32, E44, O41)
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Cites
(2019) · AEA Papers and Proceedings · doi:10.1257/pandp.109.612 · Cited by 10,902
Are Government Bonds Net Wealth?
Barro, R. J. (1974) · Journal of Political Economy · doi:10.1086/260266 · Cited by 5,994
Kiyotaki, N., & Moore, J. (1997) · Journal of Political Economy · doi:10.1086/262072 · Cited by 4,694
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money
Samuelson, P. A. (1958) · Journal of Political Economy · doi:10.1086/258100 · Cited by 3,534
Cass, D., & Shell, K. (1983) · Journal of Political Economy · doi:10.1086/261139 · Cited by 985
The Collateral Channel: How Real Estate Shocks Affect Corporate Investment
Chaney, T., Sraer, D., & Thesmar, D. (2012) · American Economic Review · doi:10.1257/aer.102.6.2381 · Cited by 977
Accounting for cross-country income differences
Caselli, F. (2005) · London School of Economics and Political Science Research Online (London School of Economics and Political Science) · Cited by 899
Asset Bubbles and Overlapping Generations
Jean Tirole, Z. (1985) · Econometrica · doi:10.2307/1911012 · Cited by 861
Assessing Dynamic Efficiency: Theory and Evidence
Abel, A. B., Mankiw, N. G., Summers, L. H., & Zeckhauser, R. J. (1989) · The Review of Economic Studies · doi:10.2307/2297746 · Cited by 671
Metadata
- Authors
- Martin, A., & Ventura, J.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2012-10-01
- Volume
- 102
- Issue
- 6
- Pages
- 3033-3058
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3125367981
- Cited by
- 373
- References
- 26
- FWCI
- 58.33
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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