Entrepreneurship, growth and productivity with bubbles - Archive ouverte HAL
Article Dans Une Revue Journal of Macroeconomics Année : 2024

Entrepreneurship, growth and productivity with bubbles

Résumé

Entrepreneurship, growth and total factor productivity are larger when asset prices are high and decline during financial crises. We explain these facts using a growth model with financial bubbles in which individuals have heterogeneous wages and returns on productive investment. Heterogeneity separates individuals between savers and entrepreneurs. Savers buy financial assets, which are deposits or a financial bubble. Entrepreneurs incur in a start-up cost and borrow to invest in productive capital. The bubble provides liquidities to credit-constrained entrepreneurs. These liquidities increase investment, growth and entrepreneurship. Finally, the bubble may increase productivity when the return of each entrepreneur's investment is positively correlated with her previous income.
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hal-04718292 , version 1 (02-10-2024)

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Lise Clain-Chamosset-Yvrard, Xavier Raurich, Thomas Seegmuller. Entrepreneurship, growth and productivity with bubbles. Journal of Macroeconomics, 2024, 81, pp.103622. ⟨10.1016/j.jmacro.2024.103622⟩. ⟨hal-04718292⟩
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