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Bubbles Slowing Down Economic Growth

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  • Michel, P.

Abstract

To analyze the effects of bubbles on economic growth, we study a three-period life overlapping generations economy with accumulation of physical and human capital, using an extension of Azariadis and Drazen (1990). We characterize the balanced growth paths and the local dynamics both in the model without bubbles and with bubbles. Tirole (1985)'s study of bubbles is extended to the overlapping generations model with endogenous growth, and we show that bubbles are likely to have a negative effect on the growth rate of the economy.
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Suggested Citation

  • Michel, P., 1992. "Bubbles Slowing Down Economic Growth," Papiers d'Economie Mathématique et Applications 92-07, Université Panthéon-Sorbonne (Paris 1).
  • Handle: RePEc:fth:pariem:92-07
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    Cited by:

    1. Azariadis, Costas & Reichlin, Pietro, 1996. "Increasing returns and crowding out," Journal of Economic Dynamics and Control, Elsevier, vol. 20(5), pages 847-877, May.
    2. Azariadis, Costas, 1996. "The Economics of Poverty Traps: Part One: Complete Markets," Journal of Economic Growth, Springer, vol. 1(4), pages 449-496, December.

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    Keywords

    economic growth ; economic models;

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