Bubbles and crowding-in of capital via a savings glut

Marten Hillebrand, Tomoo Kikuchi, Masaya Sakuragawa

研究成果: Article

抜粋

This paper uncovers a mechanism by which bubbles crowd in capital investment. If capital formation is initially depressed by a binding credit constraint, a bubble triggers a savings glut. Higher returns in a new bubbly equilibrium attract additional savings, which are channeled to expand investment at the extensive margin, leading to permanently higher capital, output, and wages. We demonstrate that crowding-in through this channel is a robust phenomenon that occurs along the entire time path.

元の言語English
ページ(範囲)1238-1266
ページ数29
ジャーナルMacroeconomic Dynamics
22
発行部数5
DOI
出版物ステータスPublished - 2018 7 1

ASJC Scopus subject areas

  • Economics and Econometrics

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