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Farhi, Emmanuel
and Tirole, Jean
(2012)
Bubbly Liquidity.
Review of Economic Studies, 79 (2).
pp. 678-706.
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Official URL : http://tse-fr.eu/pub/24443
Identification Number : 10.1093/restud/rdr039
Abstract
This paper analyzes the possibility and the consequences of rational bubbles in a dynamic
economy where financially constrained firms demand and supply liquidity. Bubbles
are more likely to emerge, the scarcer the supply of outside liquidity and the more
limited the pledgeability of corporate income; they crowd investment in (out) when
liquidity is abundant (scarce). We analyze extensions with firm heterogeneity and stochastic
bubbles.
| Item Type: | Article |
|---|---|
| Language: | English |
| Date: | 2012 |
| Refereed: | Yes |
| Uncontrolled Keywords: | liquidity, bubbles |
| JEL Classification: | E2 - Consumption, Saving, Production, Employment, and Investment E44 - Financial Markets and the Macroeconomy |
| Subjects: | B- ECONOMIE ET FINANCE |
| Divisions: | TSE-R (Toulouse) |
| Site: | UT1 |
| Date Deposited: | 09 Jul 2014 17:19 |
| Last Modified: | 02 Apr 2021 15:47 |
| OAI Identifier: | oai:tse-fr.eu:24443 |
| URI: | https://publications.ut-capitole.fr/id/eprint/15131 |
Available Versions of this Item
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Bubbly Liquidity. (deposited 18 Jan 2012 06:00)
- Bubbly Liquidity. (deposited 09 Jul 2014 17:19) [Currently Displayed]
