Bubbly Liquidity

• 成果类型: Article
• 署名作者: Farhi, Emmanuel; Tirole, Jean
• 署名单位: Harvard University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; National Bureau of Economic Research
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdr039
• 发表日期: 2012
• 页码: 678-706
• 关键词: endogenous growth; Asset bubbles; POLICY; MODEL; equilibrium; PRIVATE; money; debt

摘要

This paper analyses the possibility and the consequences of rational bubbles in a dynamic economy where financially constrained firms demand and supply liquidity. Bubbles are more likely to emerge, the scarcer the supply of outside liquidity and the more limited the pledgeability of corporate income; they crowd investment in (out) when liquidity is abundant (scarce). We analyse extensions with firm heterogeneity and stochastic bubbles.