| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5060411 | Economics Letters | 2012 | 4 Pages |
Abstract
⺠An asset price boom-burst follows productivity advance and excessive monetary easing. ⺠A model of bubbly capital with fixed supply and gestation lag is constructed. ⺠Another important propagation device is a cash-in-advance constraint. ⺠An asset price bubble is triggered by an elastic money response to a productivity shock. ⺠Such a boom-burst can occur without nominal rigidities and economic frictions.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Chin-Yoong Wong, Yoke-Kee Eng,