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Bubbles and Total Factor Productivity
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Journal Article
Bubbles and Total Factor Productivity
2012
Overview
This paper presents an infinite-horizon model of production economies in which firms face idiosyncratic productivity shocks and are subject to endogenous credit constraints. Credit-driven stock price bubbles can arise which can relax credit constraints and reallocate capital more efficiently among firms. The collapse of bubbles causes a fall of total factor productivity.
Publisher
American Economic Association,American Economic Assoc
Subject
