Bubbles and Total Factor Productivity
This paper presents an infinite-horizon model of production economies in which firms face idiosyncratic productivity shocks and are subject to endogenous credit constraints. Credit-driven stock price bubbles can arise which can relax credit constraints and reallocate capital more efficiently among firms. The collapse of bubbles causes a fall of total factor productivity.
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Volume (Year): 102 (2012)
Issue (Month): 3 (May)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Albert Queralto, 2011. "Financial Market Frictions, Productivity Growth and Crises in Emerging Economies," 2011 Meeting Papers 697, Society for Economic Dynamics.
- Rui Albuquerque & Hugo A. Hopenhayn, 2004. "Optimal Lending Contracts and Firm Dynamics," Review of Economic Studies, Oxford University Press, vol. 71(2), pages 285-315.
- Pengfei Wang & Jianjun Miao, 2012.
"Sectoral Bubbles and Endogenous Growth,"
2012 Meeting Papers
227, Society for Economic Dynamics.
- Jianjun Miao & PENGFEI WANG, 2011. "Sectoral Bubbles and Endogenous Growth," Boston University - Department of Economics - Working Papers Series WP2011-032, Boston University - Department of Economics.
- Felipe Meza & Erwan Quintin, 2005. "Financial crises and total factor productivity," Center for Latin America Working Papers 0105, Federal Reserve Bank of Dallas.
- Tirole, Jean, 1985. "Asset Bubbles and Overlapping Generations," Econometrica, Econometric Society, vol. 53(6), pages 1499-1528, November.
- Jianjun Miao & PENGFEI WANG, 2012.
"Banking Bubbles and Financial Crisis,"
Boston University - Department of Economics - Working Papers Series
WP2012-010, Boston University - Department of Economics.
- Pengfei Wang & Jianjun Miao, 2011.
"Bubbles and Credit Constraints,"
2011 Meeting Papers
94, Society for Economic Dynamics.
- Jianjun Miao & PENGFEI WANG, 2011. "Bubbles and Credit Constraints," Boston University - Department of Economics - Working Papers Series WP2011-031, Boston University - Department of Economics.
- Zheng Liu & Pengfei Wang, 2014. "Credit Constraints and Self-Fulfilling Business Cycles," American Economic Journal: Macroeconomics, American Economic Association, vol. 6(1), pages 32-69, January.
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