1 option
Bubbly Liquidity / Emmanuel Farhi, Jean Tirole.
- Format:
- Book
- Author/Creator:
- Farhi, Emmanuel.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w16750.
- NBER working paper series no. w16750
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2011.
- Summary:
- This paper analyzes the possibility and the consequences of rational bubbles in a dy- namic economy where financially constrained firms demand and supply liquidity. Bub- bles 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 sto- chastic bubbles.
- Notes:
- Print version record
- January 2011.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.