Culture as a Bubble
在代际交叠增长模型中把文化视为未来劳动力效率单位生产的公共投入，由于文化有益效应的低可占有性，其市场价值表现为泡沫，并刻画了与文化理性泡沫相关的平衡增长路径，发现转移动态存在不确定性。
This paper considers an overlapping generations growth model in which "culture" is viewed as a public input in the production process of the labor efficiency units of future generations. Given the low appropriability of its beneficial effects, the market value of culture will be due to bubbles. I shall characterize the balanced growth paths associated with stationary rational bubbles on culture. Indeterminacy arises in the transition dynamics.