000			01283nam a22001577a 4500
999			_c517084 _d517084
008			210630b ||||| |||| 00| 0 eng d
100			_aBiswas, Siddhartha, Hanson, Andrew and Phan, Toan _926084
245			_aBubbly Recessions
260			_aAmerican Economic Journal Macroeconomics
300			_a12(4), Oct, 2020: p.33-70
520			_aWe develop a tractable bubbles model with financial friction and downward wage rigidity. Competitive speculation in risky bubbles can result in excessive investment booms that precede inefficient busts, where post- bubble aggregate economic activities collapse below the pre-bubble trend. Risky bubbles can reduce ex ante social welfare, and leaning-against-the-bubble policies that balance the boom-bust trade-off can be warranted. We further show that the collapse of a bubble can push the economy into a "secular stagnation" equilibrium, where the zero lower bound and the nominal wage rigidity constraint bind, leading to a persistent recession, such as the Japanese "lost decades."- Reproduced
650			_aEmployment; Unemployment; Wages; Intergenerational income distribution; Aggregate human capital; Aggregate labor productivity _926085
773			_aAmerican Economic Journal Macroeconomics
906			_aWAGES
942			_cAR