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标题：Temporary bubbles in an economy with under-accumulation
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作者：Philippe MICHEL ; Bertrand WIGNIOLLE
期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2000
卷号：2000
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：This paper studies the equilibrium dynamics of an overlapping generations model with capital, money and cash-in-advance constraints.At each date the economy can experience two diﬀerent regimes.In the ﬁrst one the cash-in- advance constraint is binding and money is a dominated asset.In the second one, the constraint is strictly satisﬁed and money has the same return as capital.When the second regime holds on some ﬁnite interval, we say that the economy experiences a temporary bubble.We prove that temporary bubbles can exist in an economy which would experience under accumulation without money.We also show, in an example, that cyclical bubbles and sunspot equilibria may occur.Finally, we prove that money creation has the power to eliminate bubbles.JEL numbers : D9, E4 and G1.Key words : overlapping generations model, bubbles, cash-in-advance constraint