Asset bubbles and wealth inequality
研究资产泡沫如何通过改变债务资产比率和投机行为影响财富不平等，发现泡沫膨胀时暂时降低不平等，破裂时加剧不平等，宏观审慎政策对不平等影响有限。
Abstract We examine the causal link between asset bubbles and wealth inequality in a two‐agent macroeconomic model. Bubbles influence wealth inequality through two channels: altering the debt–asset ratio and fuelling speculation. When bubbles grow, they can temporarily decrease wealth inequality if asset prices rise faster than debt. However, when they burst, wealth inequality increases as the debt–asset ratio rises. Steady‐state wealth inequality is unaffected by bubbles if household types share symmetric speculative timing. Although macroprudential policy, communication, and leaning against the wind can reduce negative bubble effects on aggregate utility, they have a limited effect on wealth inequality.