Bubbles, Crashes, and Economic Growth: Theory and Evidence
نویسندگان
چکیده
We analyze the ups and downs in economic growth recent decades by constructing a model with recurrent bubbles, crashes, endogenous growth. Once realized, bubbles crowd investment stimulate growth, but expectation about future crowds out reduces identify bubbly episodes estimating using US data. Counterfactual simulations suggest that IT housing not only caused booms also lifted GDP almost 2 percentage points permanently, economy could have grown even faster if people had believed asset would never arise. (JEL E22, E23, E32, E44, G14, R31)
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ژورنال
عنوان ژورنال: American Economic Journal: Macroeconomics
سال: 2023
ISSN: ['1945-7707', '1945-7715']
DOI: https://doi.org/10.1257/mac.20220015