Asset bubbles, entrepreneurial risks, and economic growth
研究创业风险如何导致资产短缺并催生泡沫，分析不同风险程度下泡沫对经济增长的影响，以及泡沫破裂的效果。
Entrepreneurs are exposed to large uninsured risks, which may discourage them from creating productive assets. This may generate productive asset shortages and stimulate speculative demand for bubbles. This study introduces uninsured entrepreneurial risks into a textbook growth model with infinitely-lived agents. In the model, entrepreneurs face no credit constraints. If the degree of entrepreneurial risks is in the middle range, bubbles are likely to emerge. If the degree is high, bubbles promote growth because of the wealth effect. Otherwise, bubbles lower growth. The effect of the collapse of bubbles also depends on the degree of the risks. Moreover, asset bubbles amplify a small and temporal negative technology shock.