Understanding Bubbly Episodes
提出理解美国近二十年财富大幅波动的关键在于将理性泡沫和金融摩擦加入现有宏观经济模型，并解释两者如何解释消费、投资和产出的变化。
Over the last two decades US aggregate wealth has fluctuated substantially. Against the backdrop of the Great Recession, the effects of these boom-and-bust cycles have come to dominate academic and policy discussions. How can we explain these fluctuations in wealth? Why are these fluctuations associated with changes in consumption, investment and output? In this note, we argue that answers to these questions entail the addition of two ingredients to existent macroeconomic models: rational bubbles and financial frictions. We explain why each of these building blocks is crucial to understand recent events and how they can be seamlessly integrated in standard models.