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  • Bubbly Firm Dynamics and Aggregate Fluctuations



    20190717134635.jpg

    Haozhou Tang, Donghai Zhang

     

    Published : August, 2022

     

    JEL Code: E32, E44, E47

     

    URL to this Article: https://doi.org/10.1016/j.jmoneco.2022.08.003

     

    Abstract

    The transmission channel of asset bubbles is studied in a heterogeneous firm model with endogenous entry and exit. We highlight 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, we provide empirical evidence that supports bubbles' effects along the extensive margin.


    Keywords

    Rational Bubbles; Extensive Margin; Firm Dynamics; Heterogeneous Firms


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