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Riding the South Sea Bubble
Temin, Peter; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2004
The efficient markets hypothesis implies that, in the presence of rational investors, bubbles cannot develop. We …
Persistent link: https://www.econbiz.de/10005136583
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Understanding Bubbly Episodes
Carvalho, Vasco M; Martin, Alberto; Ventura, Jaume - C.E.P.R. Discussion Papers - 2012
these fluctuations in wealth? Why are these fluctuations associated with changes in consumption, investment and output? In …: rational bubbles and financial frictions. We explain why each of these building blocks is crucial to understand recent events …
Persistent link: https://www.econbiz.de/10011084068
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Managing Credit Bubbles
Martin, Alberto; Ventura, Jaume - C.E.P.R. Discussion Papers - 2014
We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output … are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles …
Persistent link: https://www.econbiz.de/10011084138
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Growing like China
Song, Zheng Michael; Storesletten, Kjetil; Zilibotti, … - C.E.P.R. Discussion Papers - 2009
This paper constructs a growth model that is consistent with salient features of the Chinese growth experience since 1992: high output growth, sustained returns on capital investments, extensive reallocation within the manufacturing sector, falling labor share and accumulation of a large foreign...
Persistent link: https://www.econbiz.de/10005123794
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Is Fixed Investment the Key to Economic Growth?
Blomström, Magnus; Lipsey, Robert E; Zejan, Mario - C.E.P.R. Discussion Papers - 1993
find no evidence that fixed investment is the only or main source of ignition for economic growth. …
Persistent link: https://www.econbiz.de/10005123986
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Natural Resources and Economic Growth: The Role of Investment
Gylfason, Thorvaldur; Zoega, Gylfi - C.E.P.R. Discussion Papers - 2001
and investment. When the share of output that accrues to the owners of natural resources rises, the demand for capital … allocation of capital may, however, enhance the quantity as well as the quality of new investment and sustain growth. Empirical … thereby inhibiting economic growth. The results also suggest that abundant natural resources may hurt saving and investment …
Persistent link: https://www.econbiz.de/10005504629
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Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation
Philippon, Thomas - C.E.P.R. Discussion Papers - 2014
A quantitative investigation of financial intermediation in the U.S. over the past 130 years yields the following results : (i) the finance industry’s share of GDP is high in the 1920s, low in the 1950s and 1960s, and high again in the 1990s and 2000s; (ii) most of these variations can be...
Persistent link: https://www.econbiz.de/10011083657
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Post-war Growth: An Overview
Crafts, Nicholas; Toniolo, Gianni - C.E.P.R. Discussion Papers - 1995
-ante returns on investment. …
Persistent link: https://www.econbiz.de/10005661688
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The Role of Inventories and Speculative Trading in the Global Market for Crude Oil
Kilian, Lutz; Murphy, Daniel P - C.E.P.R. Discussion Papers - 2010
eliminates speculation as an explanation of the 2003-08 oil price surge. …
Persistent link: https://www.econbiz.de/10008530341
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Carry Trades, Monetary Policy and Speculative Dynamics
Plantin, Guillaume; Shin, Hyun Song - C.E.P.R. Discussion Papers - 2011
We ask when currency carry trades are associated with destabilizing dynamics in the foreign exchange market, and investigate the role of monetary policy rules in setting of such dynamics. In a model where the exchange rate has a long-term fundamental anchor, we find that carry trades can be...
Persistent link: https://www.econbiz.de/10008854487