, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading … are large, the private gains associated with trading asset bubbles may lead too many workers to become speculators …

, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading … are large, the private gains associated with trading asset bubbles may lead too many workers to become speculators …

, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading … are large, the private gains associated with trading asset bubbles may lead too many workers to become speculators …

total factor productivity (TFP) is endogenous and depends on the resource allocation. The model uncovers a novel tradeoff … productive allocation of resources and so depressed TFP and output. …

and fiscal policy on the occurrence of bubbles, the introduction of a probability of market crash and the effect of … bubbles on income inequality …

reallocation. A distinct literature describes a slowdown in the pace of aggregate labor productivity growth. We relate these … patterns by studying changes in productivity growth from the late 1990s to the mid 2000s using firm-level data. We find that … diminished allocative efficiency gains can account for the productivity slowdown in a manner that interacts with the within …

hiring costs to analyse the link between sectoral resource allocation, low productivity growth and stagnant real wages. My … their labor allocation on aggregate growth. Subsidies to high-productivity sector production can alleviate welfare losses …I propose a two-sector endogenous growth model with heterogeneous sectoral productivity and sector-specific, nonlinear …