Stock market bubbles and unemployment

被引：0
|
作者：
Jianjun Miao
Pengfei Wang
Lifang Xu
机构：
[1] Boston University,Department of Economics
[2] Hong Kong University of Science and Technology,Department of Economics
[3] Shanghai University of Finance and Economics,School of Finance
[4] Institute of Industrial Economics,undefined
[5] Jinan University,undefined
[6] AFR,undefined
[7] Zhejiang University,undefined
来源：
Economic Theory | 2016年 / 61卷
关键词：
Search; Unemployment; Stock market bubbles; Self-fulfilling beliefs; Credit constraints; Multiple equilibria; E24; E44; G10;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
This paper incorporates endogenous credit constraints in a search model of unemployment. These constraints generate multiple equilibria supported by self-fulfilling beliefs. A stock market bubble emerges through a positive feedback loop mechanism. The collapse of the bubble tightens the credit constraints, causing firms to reduce investment and hirings. Unemployed workers are hard to find jobs generating high and persistent unemployment. A recession is caused by shifts in beliefs, even though there is no exogenous shock to the fundamentals.
引用
收藏
页码：273 / 307
页数：34
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