精品股市理性泡沫创新激励.docVIP

精品 PAGE 精品文档 股市理性泡沫与创新激励 刘宪 内容提要：理性泡沫是一种可以在经济达到均衡状态时能够稳定存在的泡沫。本文重新讨论了理性泡沫的存在条件，与Tirole(1985)的结论有所不同。本文认为在经济动态有效的情况下，泡沫是仍然可以存在的。泡沫的出现对技术创新有一定影响，表现在对劳动型技术创新有促进作用，但是对于资本性技术创新则起到了消极的作用。 关键词：理性泡沫；技术创新；动态效率 作者简介：刘宪，南开大学经济系博士生。 Abstract: The rational bubbles are the bubbles that can exist stably in an equilibrium economy. This paper gave a condition in which the rational bubbles can exist, and it was different from the Tirole (1985), the bubbles can exist not only when the economy is dynamic efficiency but also when the economy is dynamic inefficiency. This paper suggest that the bubbles have so