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Asset Bubbles in a Monopolistically Competitive Macro Model

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Author Info
Partha Sen

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Abstract

I look at the existence of asset bubbles in a monopolistically competitive dynamic macroeconomic model. The positive predictions of te model are very similar to Tirole's competitive model. But the welfare effects are very different - in that as capital gets crowded out, welfare falls. The monopolistically competitive sector contracts and the wage rate falls, lowering welfare.

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Publisher Info
Paper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number 9703.

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Date of creation: Oct 1997
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Handle: RePEc:san:crieff:9703

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Postal: School of Economics and Finance, University of St. Andrews, Fife KY16 9AL
Phone: 01334 462420
Web page: http://www.st-and.ac.uk/%7Ewww_crieff/discpaps.html

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Related research
Keywords: Monopolistic competition bubble equilibrium dynamic efficiency

Find related papers by JEL classification:
D9 - Microeconomics - - Intertemporal Choice and Growth
E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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