动力学(音乐)
经济
数理经济学
凯恩斯经济学
计量经济学
统计物理学
物理
声学
作者
Jungsuk Han,Yenan Wang
出处
期刊:Social Science Research Network
[Social Science Electronic Publishing]
日期:2023-01-01
摘要
This study explores the dynamics of multiple rational bubbles in an OLG model with varying bursting probabilities. The bubble sector's size depends on intertemporal wealth transfer needs. Post-bursting, the bubble sector shrinks but surviving bubbles' prices rise. With many bubbles, bursting has a limited impact on the sector's size. Lower bursting probabilities correspond to larger bubbles in the stationary equilibrium. As a bubble's bursting likelihood decreases, the sector expands while other bubbles' prices fall due to competition. Our model extends existing research on multiple bubbles, providing insights into bursting with idiosyncratic risks. It also offers new perspectives on the implications for CBDC issuance and cryptocurrency regulation.
科研通智能强力驱动
Strongly Powered by AbleSci AI