Asset bubbles, labour market frictions and R&D‐based growth
本文用代际交叠模型研究劳动力市场摩擦导致的就业变化如何影响资产泡沫和长期经济增长，发现高就业率时泡沫存在并促进增长，低就业率时泡沫消失，劳动力市场负面冲击可能引发泡沫破裂。
Abstract Employing an overlapping generations model of R&D‐based growth with labour market frictions, this paper examines how employment changes induced by labour market frictions influence asset bubbles and long‐run economic growth. Asset bubbles can (cannot) exist when the employment rate is high (low), which leads to higher (lower) economic growth through labour market efficiency. We also explore the steady state and transitional dynamics of bubbles, economic growth and employment. Furthermore, we show that policy or parameter changes with a negative influence on the labour market can lead to a bubble burst.