Asset Bubbles and Global Imbalances
构建了一个包含两个大型开放经济体的理性泡沫模型，分析泡沫、资本流动和经济活动之间的关系，发现全球失衡与泡沫相互强化，南方向北方的资本流动促进了北方泡沫的产生和扩大，而北方泡沫又反过来推动南方资本流入。
We analyze the relationships between bubbles, capital flows, and economic activities in a rational bubble model with two large open economies. We establish a reinforcing relationship between global imbalances and bubbles. Capital flows from South to North facilitate the emergence and the size of bubbles in the North. Bubbles in the north in turn facilitate South-to-North capital flows. The model can simultaneously explain several stylized features of recent bubble episodes.