Bubbly Recessions
构建了一个包含金融摩擦和工资刚性的泡沫模型，发现投机泡沫会导致过度投资繁荣和随后的低效萧条，泡沫破裂可能引发长期衰退，如日本“失去的十年”。
We develop a tractable bubbles model with financial friction and downward wage rigidity. Competitive speculation in risky bubbles can result in excessive investment booms that precede inefficient busts, where post-bubble aggregate economic activities collapse below the pre-bubble trend. Risky bubbles can reduce ex ante social welfare, and leaning-against-the-bubble policies that balance the boom-bust trade-off can be warranted. We further show that the collapse of a bubble can push the economy into a “secular stagnation” equilibrium, where the zero lower bound and the nominal wage rigidity constraint bind, leading to a persistent recession, such as the Japanese “lost decades.”