Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
966546 | Journal of Monetary Economics | 2012 | 15 Pages |
Abstract
⺠Intangible capital cannot be used as collateral for borrowing, but tangibles can. ⺠As intangibles become more important, interest rates decline, fostering bubbles. ⺠Yet, the economy is still dynamically efficient. ⺠Technological progress coupled with financial frictions can produce bubbles. ⺠Standard tests of dynamic efficiency are misleading in the presence of frictions.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Stefano Giglio, Tiago Severo,