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Asset Bubbles in an Overlapping Generations Model with Endogenous Labor Supply

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  • Shi, Lisi
  • Suen, Richard M. H.

Abstract

This paper examines the effects of asset bubbles in an overlapping generations model with endogenous labor supply. We derive a set of conditions under which asset bubbles will lead to an expansion in steady-state capital, investment, employment and output. We also provide a specific numerical example to illustrate these results.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 48835.

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Date of creation: 04 Aug 2013
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Handle: RePEc:pra:mprapa:48835

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Keywords: Asset Bubbles; Overlapping Generations; Endogenous Labor.;

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  1. Farhi, Emmanuel & Tirole, Jean, 2009. "Bubbly Liquidity," TSE Working Papers 09-101, Toulouse School of Economics (TSE), revised Feb 2011.
  2. Nourry, C., 1998. "Stability of Equilibria in the Overlapping Generations Model with Endogenous Labor Supply," G.R.E.Q.A.M., Universite Aix-Marseille III 98a01, Universite Aix-Marseille III.
  3. Gourinchas, Pierre-Olivier & Parker, Jonathan A, 2000. "Consumption Over the Life-Cycle," CEPR Discussion Papers 2345, C.E.P.R. Discussion Papers.
  4. Weil, Philippe, 1987. "Confidence and the Real Value of Money in an Overlapping Generations Economy," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 102(1), pages 1-22, February.
  5. Costas Azariadis & Shankha Chakraborty, 1998. "Asset price volatility in a nonconvex general equilibrium model," Economic Theory, Springer, vol. 12(3), pages 649-665.
  6. Alberto Martin & Jaume Ventura, 2012. "Economic Growth with Bubbles," American Economic Review, American Economic Association, vol. 102(6), pages 3033-58, October.
  7. Jianjun Miao & Pengfei Wang, 2012. "Bubbles and Total Factor Productivity," American Economic Review, American Economic Association, vol. 102(3), pages 82-87, May.
  8. Paul Gomme & Peter Rupert, 2005. "Theory, measurement, and calibration of macroeconomic models," Working Paper 0505, Federal Reserve Bank of Cleveland.
  9. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, vol. 49(2), pages 360-375, December.
  10. Hansen, Gary D., 1985. "Indivisible labor and the business cycle," Journal of Monetary Economics, Elsevier, Elsevier, vol. 16(3), pages 309-327, November.
  11. Olivier, Jacques, 2000. "Growth-Enhancing Bubbles," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(1), pages 133-51, February.
  12. Tirole, Jean, 1985. "Asset Bubbles and Overlapping Generations," Econometrica, Econometric Society, Econometric Society, vol. 53(6), pages 1499-1528, November.
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Cited by:
  1. Shi, Lisi & Suen, Richard M. H., 2014. "The Macroeconomic Consequences of Asset Bubbles and Crashes," MPRA Paper 57045, University Library of Munich, Germany.

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