Beliefs and the net worth trap
构建了一个分析框架，研究生产性资本使用者对长期经济增长的信念如何影响宏观经济和金融稳定，并发现过度乐观或悲观的信念会导致“净值陷阱”，使财富无法恢复并造成永久性效率损失。
We develop a tractable framework to explore how beliefs about long-term economic growth shape macroeconomic and financial stability. By modeling belief distortions among productive capital users, we provide an analytical characterization of a novel phenomenon termed the “net worth trap”, wherein overly optimistic or pessimistic beliefs among productive agents prevent them from rebuilding wealth, causing permanent inefficiencies. A procyclical swing in beliefs reduces or exacerbates the instability, indicating that the type of belief when the economy is vulnerable has important consequences on financial stability and macroeconomic dynamics.