Paper #1581

Títol:

The macroeconomics of rational bubbles: a user's guide

Autors:

Alberto Martin i Jaume Ventura

Data:

Setembre 2017

Resum:

This paper provides a guide to macroeconomic applications of the theory of rational bubbles. It shows that rational bubbles can be easily incorporated into standard macroeconomic models, and illustrates how they can be used to account for important macroeconomic phenomena. It also discusses the welfare implications of rational bubbles and the role of policy in managing them. Finally, it provides a detailed review of the literature.

Paraules clau:

bubbles, credit, business cycles, economic growth, financial frictions, pyramid schemes

Codis JEL:

E32, E44, O40

Àrea de Recerca:

Macroeconomia i Economia Internacional

Publicat a:

Annual Review of Economics, 10 (1), 2018, 505-539

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