Bubbles and Total Factor Productivity-Reference-Cited by-同舟云学术

Bubbles and Total Factor Productivity

Published:2012-05-01 Issue:3 Volume:102 Page:82-87
ISSN:0002-8282
Container-title:American Economic Review
language:en
Short-container-title:American Economic Review

Author:

Miao Jianjun¹,Wang Pengfei²

Affiliation:

1. Department of Economics, Boston University, 270 Bay State Road, Boston, MA 02215, CEMA, Central University of Finance and Economics, and AFR, Zhejiang University, China.

2. Department of Economics, Hong Kong University of Science and Technology, Clear Water Bay, Hong Kong.

Abstract

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.

Publisher

American Economic Association

Subject

Economics and Econometrics

Link

https://pubs.aeaweb.org/doi/pdf/10.1257/aer.102.3.82

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