Rational Bubbles and Aggregate Boom Bust Cycles

时间：2021年10月26日（周二）15:30-17:00

主持人：余淼杰、余昌华

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

线下：北京大学承泽园249教室

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摘要：
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.

主讲人简介:

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.