Income distribution by age group and productive bubbles

The aim of this paper is to study the role of the distribution of income by age group on the existence of speculative bubbles. A crucial question is whether this distribution may promote a bubble associated to a larger level of capital, that is a productive bubble. We address these issues in an over...

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Detalhes bibliográficos
Autores: Raurich, Xavier, Seegmuller, Thomas
Formato: artículo
Estado:Versión aceptada para publicación
Fecha de publicación:2022
País:España
Recursos:Universidad de Barcelona
Repositorio:Dipòsit Digital de la UB
OAI Identifier:oai:diposit.ub.edu:2445/194436
Acesso em linha:https://hdl.handle.net/2445/194436
Access Level:acceso abierto
Palavra-chave:Societats d'inversió
Serveis financers
Especulació
Mutual funds
Financial services industry
Speculation
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repository_id_str
spelling Income distribution by age group and productive bubblesRaurich, XavierSeegmuller, ThomasSocietats d'inversióServeis financersEspeculacióMutual fundsFinancial services industrySpeculationThe aim of this paper is to study the role of the distribution of income by age group on the existence of speculative bubbles. A crucial question is whether this distribution may promote a bubble associated to a larger level of capital, that is a productive bubble. We address these issues in an overlapping generations model where agents live three periods and productive investment done in the first period of life is an illiquid investment whose return occurs in the following two periods. A bubble is a liquid speculative investment that facilitates intertemporal consumption smoothing. We show that the distribution of income by age group determines both the existence and the effect of bubbles on aggregate production. We also show that fiscal policy, by changing the distribution of income, may facilitate or prevent the existence of bubbles and may also modify the effect that bubbles have on aggregate production.Cambridge University Press2022info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersionapplication/pdfhttps://hdl.handle.net/2445/194436Articles publicats en revistes (Economia)reponame:Dipòsit Digital de la UBinstname:Universidad de BarcelonaInglésVersió postprint del document publicat a: https://doi.org/10.1017/S1365100520000371Macroeconomic Dynamics, 2022, vol. 26, num. 3, p. 769-799https://doi.org/10.1017/S1365100520000371(c) Cambridge University Press, 2022info:eu-repo/semantics/openAccessoai:diposit.ub.edu:2445/1944362026-05-27T06:46:51Z
dc.title.none.fl_str_mv Income distribution by age group and productive bubbles
title Income distribution by age group and productive bubbles
spellingShingle Income distribution by age group and productive bubbles
Raurich, Xavier
Societats d'inversió
Serveis financers
Especulació
Mutual funds
Financial services industry
Speculation
title_short Income distribution by age group and productive bubbles
title_full Income distribution by age group and productive bubbles
title_fullStr Income distribution by age group and productive bubbles
title_full_unstemmed Income distribution by age group and productive bubbles
title_sort Income distribution by age group and productive bubbles
dc.creator.none.fl_str_mv Raurich, Xavier
Seegmuller, Thomas
author Raurich, Xavier
author_facet Raurich, Xavier
Seegmuller, Thomas
author_role author
author2 Seegmuller, Thomas
author2_role author
dc.subject.none.fl_str_mv Societats d'inversió
Serveis financers
Especulació
Mutual funds
Financial services industry
Speculation
topic Societats d'inversió
Serveis financers
Especulació
Mutual funds
Financial services industry
Speculation
description The aim of this paper is to study the role of the distribution of income by age group on the existence of speculative bubbles. A crucial question is whether this distribution may promote a bubble associated to a larger level of capital, that is a productive bubble. We address these issues in an overlapping generations model where agents live three periods and productive investment done in the first period of life is an illiquid investment whose return occurs in the following two periods. A bubble is a liquid speculative investment that facilitates intertemporal consumption smoothing. We show that the distribution of income by age group determines both the existence and the effect of bubbles on aggregate production. We also show that fiscal policy, by changing the distribution of income, may facilitate or prevent the existence of bubbles and may also modify the effect that bubbles have on aggregate production.
publishDate 2022
dc.date.none.fl_str_mv 2022
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/2445/194436
url https://hdl.handle.net/2445/194436
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Versió postprint del document publicat a: https://doi.org/10.1017/S1365100520000371
Macroeconomic Dynamics, 2022, vol. 26, num. 3, p. 769-799
https://doi.org/10.1017/S1365100520000371
dc.rights.none.fl_str_mv (c) Cambridge University Press, 2022
info:eu-repo/semantics/openAccess
rights_invalid_str_mv (c) Cambridge University Press, 2022
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Cambridge University Press
publisher.none.fl_str_mv Cambridge University Press
dc.source.none.fl_str_mv Articles publicats en revistes (Economia)
reponame:Dipòsit Digital de la UB
instname:Universidad de Barcelona
instname_str Universidad de Barcelona
reponame_str Dipòsit Digital de la UB
collection Dipòsit Digital de la UB
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15.300719

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