标题： 泡沫经济学 显示英文标题

标题： Bubble Economics

摘要： 本文提供了一个关于理性资产价格泡沫理论的自包含概述。 我们涵盖了从基本定义、性质和经典结果到前沿研究的主题，重点在于与实物资产如股票、住房和土地相关的泡沫。 主要观点是，与实物资产相关的泡沫本质上是与不平衡增长相关的非平稳现象。 我们提出一个简化的模型，并得出三个新的见解： (i) 资产价格泡沫的出现是必然的，而不是可能的；(ii) 在稳定增长和非稳定增长之间，资产定价的含义有显著不同；(iii) 资产价格泡沫发生在涉及由技术创新驱动的产业结构变化的历史趋势中，包括从马尔萨斯经济向现代经济的转变。 显示英文摘要

摘要： This article provides a self-contained overview of the theory of rational asset price bubbles. We cover topics from basic definitions, properties, and classical results to frontier research, with an emphasis on bubbles attached to real assets such as stocks, housing, and land. The main message is that bubbles attached to real assets are fundamentally nonstationary phenomena related to unbalanced growth. We present a bare-bones model and draw three new insights: (i) the emergence of asset price bubbles is a necessity, instead of a possibility; (ii) asset pricing implications are markedly different between balanced growth of stationary nature and unbalanced growth of nonstationary nature; and (iii) asset price bubbles occur within larger historical trends involving shifts in industrial structure driven by technological innovation, including the transition from the Malthusian economy to the modern economy.