Paper #1581
- Título:
- The macroeconomics of rational bubbles: a user's guide
- Autores:
- Alberto Martin y Jaume Ventura
- Fecha:
- 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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