Bubbly Liquidity
研究了理性泡沫在金融约束企业供需流动性的动态经济中出现的可能性和影响，发现外部流动性越稀缺、企业收入可抵押性越有限，泡沫越易出现，且泡沫对投资的影响取决于流动性充裕程度。
This paper analyses the possibility and the consequences of rational bubbles in a dynamic economy where financially constrained firms demand and supply liquidity. Bubbles are more likely to emerge, the scarcer the supply of outside liquidity and the more limited the pledgeability of corporate income; they crowd investment in (out) when liquidity is abundant (scarce). We analyse extensions with firm heterogeneity and stochastic bubbles.