2022年8月25日，高等经济研究院助理教授汤皓州与波恩大学张冬海助理教授合作的论文“Bubbly Firm Dynamics and Aggregate Fluctuations”被宏观经济学领域权威期刊Journal of Monetary Economics 接收发表。
Assistant Professor Haozhou TANG's Paper Accepted for Publication in Journal of Monetary Economics
September 2, 2022
Haozhou TANG, IAER Assistant Professor, had his paper accepted for publication in Journal of Monetary Economics on Aug 25, 2022. Entitled "Bubbly Firm Dynamics and Aggregate Fluctuations", the paper was co-authored with Donghai Zhang, Assistant Professor of Economics at the Institute for Macroeconomics and Econometrics of the University of Bonn.
The transmission channel of asset bubbles is studied in a heterogeneous firm model with endogenous entry and exit. The paper highlights the effects of asset bubbles along the extensive margin: the aggregate bubble can boost real economic activities by affecting firms' entry and exit decisions. Moreover, the model predicts the selection effect of bubbles: bubbly firms—firms with asset bubbles—are less productive than bubble-less firms. Finally, the paper provides empirical evidence that supports bubbles' effects along the extensive margin.