Paper #1581

Título:

The macroeconomics of rational bubbles: a user's guide

Autores:

Alberto Martin y Jaume Ventura

Data:

Septiembre 2017

Resumen:

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.

Palabras clave:

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

Códigos JEL:

E32, E44, O40

Área de investigación:

Macroeconomía y Economía Internacional

Publicado en:

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

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