| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8038 |
| DP8038 Theoretical Notes on Bubbles and the Current Crisis | |
| Jaume Ventura; Alberto Martin | |
| 发表日期 | 2010-10-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme in financial markets. We embed this view in a standard model of the financial accelerator and explore its empirical and policy implications. In particular, we show how the model can account for: (i) a gradual and protracted expansionary phase followed by a sudden and sharp recession; (ii) the connection (or lack of connection!) between financial and real economic activity and; (iii) a fast and strong transmission of shocks across sectors and countries. We also use the model to explore the role of fiscal policy. |
| 主题 | International Macroeconomics |
| 关键词 | Bubbles Credit constraints Dynamic inefficiency Financial accelerator Financial crisis Pyramid schemes |
| URL | https://cepr.org/publications/dp8038 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536889 |
| 推荐引用方式 GB/T 7714 | Jaume Ventura,Alberto Martin. DP8038 Theoretical Notes on Bubbles and the Current Crisis. 2010. |
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