Economists, observers, and policy‐makers often emphasize the role of sentiment as a
potential driver of the business cycle. In this paper, we provide three contributions to this …

This review provides a guide to macroeconomic applications of the theory of rational
bubbles. It shows that rational bubbles can be easily incorporated into standard …

Volumes 2A and 2B of The Handbook of Economic Growth summarize recent advances in
theoretical and empirical work while offering new perspectives on a range of growth …

Introduction to economic growth - ScienceDirect Skip to main contentSkip to article Elsevier
logo Journals & Books Search RegisterSign in View PDF Download full issue Search …

This paper analyses the possibility and the consequences of rational bubbles in a dynamic
economy where financially constrained firms demand and supply liquidity. Bubbles are more …

China's housing prices have been growing nearly twice as fast as national income over the
past decade, despite a high vacancy rate and a high rate of return to capital. This paper …

We develop a stylized model of economic growth with bubbles in which changes in investor
sentiment lead to the appearance and collapse of macroeconomic bubbles or pyramid …

We examine the short-and long-run effects of financial liberalization on capital markets. To
do so, we construct a new comprehensive chronology of financial liberalization in 28 mature …

Two leading economists develop a theory explaining the demand for and supply of liquid
assets. Why do financial institutions, industrial companies, and households hold low …

Emerging market economies are fertile ground for the development of real estate and other
financial bubbles. Despite these economies' significant growth potential, their corporate and …