文章基本信息

标题：Bubbles, banks and financial stability
本地全文：下载
作者：Kosuke Aoki ; Kalin Nikolov
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2012
出版社：European Central Bank
摘要：We build a model of rational bubbles in a limited commitment econ- omy and show that the impact of the bubble on the real economy cru- cially depends on who holds the bubble. When banks are the bubble- holders, this amplies the output boom while the bubble survives but also deepens the recession when the bubble bursts. In contrast, the real impact of bubbles held by ordinary savers is more muted