Bubbles and Total Factor Productivity
构建了一个无限期生产经济模型，企业面临异质性生产率冲击和内生信贷约束。信贷驱动的股价泡沫能放松约束、优化资本配置，而泡沫破裂则导致全要素生产率下降。
This paper presents an infinite-horizon model of production economies in which firms face idiosyncratic productivity shocks and are subject to endogenous credit constraints. Credit-driven stock price bubbles can arise which can relax credit constraints and reallocate capital more efficiently among firms. The collapse of bubbles causes a fall of total factor productivity.