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Autor:innen: 
Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 19 [Issue:] 1 [Year:] 2024 [Pages:] 325-364
Verlag: 
The Econometric Society, New Haven, CT
Zusammenfassung: 
This paper studies the interplay between asset bubbles and product market competition. It offers two main insights. The first is that imperfect competition creates a wedge between interest rates and the marginal product of capital. This makes rational bubbles possible even when there is no overaccumulation of capital. The second is that, when providing a production subsidy, bubbles stimulate competition and reduce monopoly rents. I show that bubbles can destroy efficient investment and have ambiguous welfare consequences. However, when they stimulate competition, they can have crowding-in effects on capital.
Schlagwörter: 
competition
market power
overaccumulation
Rational bubbles
JEL: 
E44
L13
L16
Persistent Identifier der Erstveröffentlichung: 
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