论文标题
杠杆，内源性不平衡增长和资产价格气泡
Leverage, Endogenous Unbalanced Growth, and Asset Price Bubbles
论文作者
论文摘要
我们提出了一个一般均衡的宏观金融模型，其资本投资和土地价格之间具有积极的反馈回路。由于杠杆率超出了临界价值的放松，通过金融加速器，相过渡是从平衡的增长中发生的，土地价格反映了基本面（现有租金的现值）到不平衡的增长，在那里土地价格的增长速度超过租金，从而产生土地价格泡沫。不平衡的增长动态和气泡与财务松动和技术进步有关。在具有独特均衡的分析性访问的两个扇区大型开放经济模型中，同时的财务松动导致利率低，资产高估和高端财富集中度。
We present a general equilibrium macro-finance model with a positive feedback loop between capital investment and land price. As leverage is relaxed beyond a critical value, through the financial accelerator, a phase transition occurs from balanced growth where land prices reflect fundamentals (present value of rents) to unbalanced growth where land prices grow faster than rents, generating land price bubbles. Unbalanced growth dynamics and bubbles are associated with financial loosening and technological progress. In an analytically tractable two-sector large open economy model with unique equilibria, financial loosening simultaneously leads to low interest rates, asset overvaluation, and top-end wealth concentration.
