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ファイル | 記述 | サイズ | フォーマット | |
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DP1036.pdf | 11.08 MB | Adobe PDF | 見る/開く |
タイトル: | Short- and Long-run Impacts of Bursting Bubbles |
著者: | Hori, Takeo Im, Ryonghun |
キーワード: | asset bubbles uninsured idiosyncratic investment risks instant contraction aggregate demand prolonged recession |
発行日: | 7-Aug-2020 |
出版者: | Institute of Economic Research, Kyoto University |
誌名: | KIER Discussion Paper |
巻: | 1036 |
開始ページ: | 1 |
終了ページ: | 30 |
抄録: | Uninsured investment risks are introduced into a textbook AK model. There are no financial frictions. Depending on insurance market development, asset bubbles emerge in an infinitely-lived agent economy. A collapse of bubbles has short-run impacts. At the moment of the collapse of bubbles, aggregate demand decreases immediately. This instantly triggers sharp declines in all of GDP, consumption, investment, capital utilization, and wealth-to-GDP, although capital remains constant in the short run. Consistently with data, investment decreases more than consumption. The bubbles also has long-run impacts. The decreased investment depresses long-run growth. The economy falls into a prolonged recession. |
URI: | http://hdl.handle.net/2433/262353 |
関連リンク: | https://www.kier.kyoto-u.ac.jp/publication/?cat=en |
出現コレクション: | KIER Discussion Paper (英文版) |
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