Bubbles and crowding-in of capital via a savings glut

Marten Hillebrand, Tomoo Kikuchi*, Masaya Sakuragawa

*この研究の対応する著者

研究成果: Article査読

4 被引用数 (Scopus)

抄録

This paper uncovers a mechanism by which bubbles crowd in capital investment. If capital formation is initially depressed by a binding credit constraint, a bubble triggers a savings glut. Higher returns in a new bubbly equilibrium attract additional savings, which are channeled to expand investment at the extensive margin, leading to permanently higher capital, output, and wages. We demonstrate that crowding-in through this channel is a robust phenomenon that occurs along the entire time path.

本文言語English
ページ(範囲)1238-1266
ページ数29
ジャーナルMacroeconomic Dynamics
22
5
DOI
出版ステータスPublished - 2018 7 1
外部発表はい

ASJC Scopus subject areas

  • 経済学、計量経済学

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