The double bubble at the turn of the century: technological roots and structural implications
认为1990年代的互联网泡沫和2000年代的流动性泡沫是同一结构性现象的两个阶段，分别以技术创新和金融创新为中心，类似于1929年危机分两阶段发展，并探讨了其内生性及对市场经济的启示。
This paper argues that the two boom and bust episodes of the turn of the century-the internet mania and crash of the 1990s and the easy liquidity boom and bust of the 2000s-are two distinct components of a single structural phenomenon. They are essentially the equivalent of 1929 developed in two stages, one centred on technological innovation, the other on financial innovation. Hence, the frequent references to that crash, to the 1930s and to Bretton Woods, are not simple journalistic metaphors for interpreting the 'credit crunch' and its solution, but rather the intuitive recognition of a fundamental similarity between those events and the current ones. The paper holds that such major boom and bust episodes are endogenous to the way in which the market economy evolves and assimilates successive technological revolutions. It will discuss why it occurred in two bubbles on this occasion; it examines the differences and continuities between the two episodes and presents an interpretation of their nature and consequences.