haku: @author Shibata, A. / yhteensä: 4
viite: 2 / 4
| Tekijä: | Futagami, K. Shibata, A. |
| Otsikko: | Growth effects of bubbles in an endogenous growth model |
| Lehti: | Japanese Economic Review
2000 : JUN, VOL. 51:2, p. 221-235 |
| Asiasana: | Models Growth Equilibrium analysis |
| Kieli: | eng |
| Tiivistelmä: | 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. Analyzed are also dynamic properties of bubbles. |
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