Miao, JianjunWang, Pengfei2024-03-062024-03-062012-05-01J. Miao, P. Wang. 2012. "Bubbles and Total Factor Productivity" The American Economic Review, Volume 102, Issue 3, pp.82-87. https://doi.org/10.1257/aer.102.3.820002-8282https://hdl.handle.net/2144/48327This paper presents an infinite-horizon model of production economies in which firms face idiosyncratic productivity shocks and are subject to endogenous credit constraints. Credit-driven stock price bubbles can arise which can relax credit constraints and reallocate capital more efficiently among firms. The collapse of bubbles causes a fall of total factor productivity.p. 82-87enhttps://www.aeaweb.org/journals/aer/about-aer/editorial-policyEconomicsCommerce, management, tourism and servicesEconomicsCommerce, management, tourism and servicesEconomicsArticle2024-01-2910.1257/aer.102.3.8231569