Economic Growth with Bubbles
构建了一个包含泡沫的经济增长模型，投资者情绪变化导致泡沫出现和破灭，泡沫通过资源转移改善效率，扩大消费、资本和产出，但泡沫结束时这些指标会下降。
We develop a stylized model of economic growth with bubbles in which changes in investor sentiment lead to the appearance and collapse of macroeconomic bubbles or pyramid schemes. These bubbles mitigate the effects of financial frictions. During bubbly episodes, unproductive investors demand bubbles while productive investors supply them. These transfers of resources improve economic efficiency thereby expanding consumption, the capital stock and output. When bubbly episodes end, there is a fall in consumption, the capital stock and output. We argue that the stochastic equilibria of the model provide a natural way of introducing bubble shocks into business cycle models.