Econ Papers Daily / 期刊论文
通过股利注入在纯泡沫模型中的均衡选择
Equilibrium selection in pure bubble models by dividend injection
摘要
Rational pure bubble models feature multiple (and often a continuum of) equilibria, which makes model predictions and policy analyses non-robust. We show that when the interest rate in the fundamental equilibrium is below the economic growth rate ($R<G$), a bubbly equilibrium with $R=G$ exists. By injecting dividends to the bubble asset that grow slower than the aggregate economy, we can eliminate the fundamental steady state and resolve equilibrium indeterminacy. We show the general applicability of dividend injection through examples in overlapping generations and infinite-horizon models with or without production or financial frictions.
中文摘要
理性纯泡沫模型具有多重（且往往是连续统的）均衡，这使得模型预测和政策分析缺乏稳健性。我们表明，当基本面均衡中的利率低于经济增长率（\(R<G\)）时，存在一个满足\(R=G\)的泡沫均衡。通过向泡沫资产注入增长慢于总体经济的股息，我们可以消除基本面稳态并解决均衡不确定性。我们通过具有或不具有生产或金融摩擦的世代交叠模型和无限期模型中的示例，展示了股息注入的普遍适用性。