BUBBLES AND CROWDING-IN OF CAPITAL VIA A SAVINGS GLUT

Marten Hillebrand, Tomoo Kikuchi, Masaya Sakuragawa

研究成果: Article

抄録

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)1-29
ページ数29
ジャーナルMacroeconomic Dynamics
DOI
出版物ステータスAccepted/In press - 2017 7 4

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Bubble
Savings
Crowding
Extensive margin
Capital formation
Wages
Credit constraints
Capital investment
Trigger

ASJC Scopus subject areas

  • Economics and Econometrics

これを引用

BUBBLES AND CROWDING-IN OF CAPITAL VIA A SAVINGS GLUT. / Hillebrand, Marten; Kikuchi, Tomoo; Sakuragawa, Masaya.

:: Macroeconomic Dynamics, 04.07.2017, p. 1-29.

研究成果: Article

Hillebrand, Marten ; Kikuchi, Tomoo ; Sakuragawa, Masaya. / BUBBLES AND CROWDING-IN OF CAPITAL VIA A SAVINGS GLUT. :: Macroeconomic Dynamics. 2017 ; pp. 1-29.
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