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Sunspot Bubbles

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  • Stefano Bosi

    ()
    (EPEE, Université d’Evry)

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    Abstract

    Bubbles and money holding can reabsorb capital overaccumulation and restore the MGR in exogenous growth OLG economies. In contrast, under productive externalities and endogenous growth, bubbles and monetary saving can worsen an already inefficient underaccumulation. Under a simple credit market imperfection, we prove that bubbles can fluctuate around a bubbly balanced growth path as sunspot equilibria with shortrun effects on the saving rate.

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    File URL: http://epee.univ-evry.fr/RePEc/2005/05-25.pdf
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    Bibliographic Info

    Paper provided by Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne in its series Documents de recherche with number 05-25.

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    Length: 17 pages
    Date of creation: 2005
    Date of revision:
    Handle: RePEc:eve:wpaper:05-25

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    Related research

    Keywords: overlapping generations model; bubbles; cash-in-advance constraint; sunspot equilibria;

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    1. Bertocchi, Graziella, 1991. "Bubbles and inefficiencies," Economics Letters, Elsevier, vol. 35(2), pages 117-122, February.
    2. Parent, Antoine & Rault, Christophe, 2004. "The Influences Affecting French Assets Abroad Prior to 1914," The Journal of Economic History, Cambridge University Press, vol. 64(02), pages 328-362, June.
    3. Crettez, B. & Michel, P. & Wigniolle, B., 1997. "Cash-in-Advance Constraints in the Diamond Overlapping Generations Model: Neutrality and Optimality of Monetary Policies," Papiers d'Economie Mathématique et Applications 97.52, Université Panthéon-Sorbonne (Paris 1).
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