dc.contributor.author | Eden, Benjamin | |
dc.date.accessioned | 2020-09-14T01:39:52Z | |
dc.date.available | 2020-09-14T01:39:52Z | |
dc.date.issued | 2011 | |
dc.identifier.uri | http://hdl.handle.net/1803/15909 | |
dc.description.abstract | I study the real effects of bubbles in a price-settingenvironment. Bubbles cause price dispersion and overinvestment in assets that are overvalued. And when they pop some goods are not sold and capacity is not fully utilized. I argue that a government monopoly on the creation of bubble assets is desirable but may be difficult to achieve. A non-linear tax on capital gains and a “high” interest rate policy can play a role in protecting the government’s monopoly on the creation of bubble assets. | |
dc.language.iso | en_US | |
dc.publisher | Vanderbilt University | en |
dc.subject | Bubbles | |
dc.subject | Money | |
dc.subject | Money Substitutes | |
dc.subject | JEL Classification Number: E31 | |
dc.subject | JEL Classification Number: E32 | |
dc.subject | JEL Classification Number: E42 | |
dc.subject | JEL Classification Number: E52 | |
dc.subject.other | | |
dc.title | Living with a Monetary System infected by Bubbles | |
dc.type | Working Paper | en |
dc.description.department | Economics | |