Arbeitspapier
Bubbles, banks and financial stability
We build a model of rational bubbles in a limited commitment economy and show that the impact of the bubble on the real economy crucially depends on who holds the bubble. When banks are the bubble-holders, this amplifies the output boom while the bubble survives but also deepens the recession when the bubble bursts. In contrast, the real impact of bubbles held by ordinary savers is more muted.
- Language
-
Englisch
- Bibliographic citation
-
Series: ECB Working Paper ; No. 1495
- Classification
-
Wirtschaft
- Subject
-
financial stability
- Event
-
Geistige Schöpfung
- (who)
-
Aoki, Kosuke
Nikolov, Kalin
- Event
-
Veröffentlichung
- (who)
-
European Central Bank (ECB)
- (where)
-
Frankfurt a. M.
- (when)
-
2012
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Aoki, Kosuke
- Nikolov, Kalin
- European Central Bank (ECB)
Time of origin
- 2012
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