Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5060170 | Economics Letters | 2012 | 4 Pages |
Abstract
⺠We introduce a bubbly asset into the Matsuyama (2007) model. ⺠We show that there can exist multiple bubbly steady states. ⺠Bubbles may prevent the adoption of high productivity technology. ⺠The economy may fall into underdevelopment traps.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Tarishi Matsuoka, Akihisa Shibata,