| 000 | 02333nam a22003974a 4500 | ||
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| 001 | WPIEA2011271 | ||
| 003 | IMF | ||
| 005 | 20190408083426.0 | ||
| 006 | m o d | ||
| 007 | cr cn||||||||| | ||
| 008 | 020129s2011 dcu o i00 0 eng d | ||
| 020 |
_a1463925263 : _c18.00 USD |
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| 020 | _z9781463925260 | ||
| 022 | _a1018-5941 | ||
| 024 | 7 |
_a10.5089/9781463925260.001 _2doi |
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| 035 | _a(IMF)WPIEA2011271 | ||
| 040 |
_aDcWaIMF _beng |
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| 100 | 1 | _aGiglio, Stefano. | |
| 245 | 1 | 0 |
_aIntangible Capital, Relative Asset Shortages and Bubbles _h[electronic resource] / _cStefano Giglio. |
| 260 |
_aWashington, D.C. : _bInternational Monetary Fund, _c2011. |
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| 300 | _a1 online resource (38 p.) | ||
| 490 | 1 |
_aIMF Working Papers; Working Paper ; _vNo. 11/271 |
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| 520 | 3 | _aWe analyze an overlapping generations economy with financial frictions and accumulation of both physical and intangible capital. The key difference between them is that intangible capital cannot be used as collateral for borrowing. As intangibles become more important in production, financial frictions tighten and equilibrium interest rates decline, creating the conditions for the emergence of rational bubbles. We also analyze the question of dynamic efficiency, demonstrating that, in the presence of financial frictions, neither the interest rate test nor the test proposed by Abel et al. (1989) are appropriate. Finally we show that, in general, rational bubbles are not Pareto improving in our framework. | |
| 588 | _aDescription based on print version record. | ||
| 650 | 7 |
_aDynamic Inefficiency _2imf |
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| 650 | 7 |
_aEconomic Growth and Aggregate Productivity: General _2imf |
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| 650 | 7 |
_aEntrepreneur _2imf |
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| 650 | 7 |
_aEntrepreneurs _2imf |
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| 650 | 7 |
_aFinancial Constraints _2imf |
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| 650 | 7 |
_aFinancial Markets and the Macroeconomy _2imf |
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| 651 | 7 |
_aUnited States _2imf |
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| 700 | 1 | _aSevero, Tiago. | |
| 776 | 0 | 8 |
_iPrint Version: _aGiglio, Stefano. _tIntangible Capital, Relative Asset Shortages and Bubbles _dWashington, D.C. : International Monetary Fund, 2011. _z9781463925260 |
| 830 | 0 |
_aIMF Working Papers; Working Paper ; _vNo. 11/271 |
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| 856 | 4 | 0 |
_uhttp://elibrary.imf.org/view/IMF001/12308-9781463925260/12308-9781463925260/12308-9781463925260.xml _zIMF e-Library |
| 856 | 4 | 0 |
_uhttp://www.imfbookstore.org/IMFORG/9781463925260 _zIMF Book Store |
| 999 |
_c166210 _d166210 |
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