Speculative Growth: Hints from the US Economy
收藏NBER2004-05-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w10518
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资源简介：
We propose a framework for understanding recurrent historical episodes of vigorous economic expansion accompanied by extreme asset valuations, as exhibited by the U.S. in the 1990s. We interpret this phenomenon as a high-valuation equilibrium with a low effective cost of capital based on optimism
提供机构：
美国国家经济研究局
创建时间：
2004-05-01
