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[10月26日] 国际经济学Workshop

发布日期:2021-10-18 04:42    来源:

Rational Bubbles and Aggregate Boom Bust Cycles



主讲人:Robert Kollmann, Université Libre de Bruxelles & CEPR



会议号:926 3889 7210


This paper studies rational bubbles in dynamic stochastic general equilibrium models of the macroeconomy. The term ‘rational bubbles’ refers to multiple equilibria arising from the absence of a transversality condition (TVC) for capital. The lack of TVC can be due to an overlapping generations structure. Rational bubbles reflect self-fulfilling fluctuations in agents’ expectations about future investment. The rational bubbles considered here exhibit boom bust cycles of aggregate investment and output. Rational bubbles can generate persistent fluctuations of real activity, and capture key business cycle stylized facts.


Robert Kollmann currently works as a Professor of Université Libre de Bruxelles and a research fellow of CEPR (Centre for Economic Policy Research). His research interests are mainly in macroeconomics, international economics, international finance, computational economics and applied econometrics. He is now the co-editor of Journal of International Economics and associate editor of many other authoritative journals.