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Entrepreneurship, growth and total factor productivity are larger when there is a financial bubble. We explain these facts using a growth model with financial bubbles in which individuals face heterogeneous wages and returns on productive investment. The heterogeneity in the return of investment...
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Entrepreneurship, growth and total factor productivity are larger when asset prices are high and decline during financial crises. We explain these facts using a growth model with bubbles in which individuals have heterogeneous wages and returns on productive investment. Heterogeneity separates...
Persistent link: https://www.econbiz.de/10014239218