Intangible capital, relative asset shortages and bubbles
成果类型：
Article
署名作者：
Giglio, Stefano; Severo, Tiago
署名单位：
International Monetary Fund; University of Chicago
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.03.004
发表日期：
2012
页码：
303-317
关键词：
摘要：
Purely technological factors can be a fundamental force behind the emergence of asset price bubbles in developed economies. We analyze an economy in which the production technology utilizes both physical and intangible capital, where the latter cannot be used as collateral for borrowing. Technological change, in the form of increased importance of intangible capital in production, sharpens the borrowing constraints of entrepreneurs, leading to a scarcity of high-yield assets relative to low-yield ones. This can create the conditions for asset bubbles. Additionally, due to the financial frictions, standard dynamic efficiency tests are not valid, and bubbles are not Pareto improving. (C) 2012 International Monetary Fund. Published by Elsevier B.V. All rights reserved.
来源URL：