Investment Boom(投资热潮)研究综述
Investment Boom 投资热潮 - Significance What drives innovation, risk taking, and investment booms? We study these phenomena using a model of decision making by firms that make biased observations of prior returns. [1] Brynjolfsson, Rock, and Syverson (2021) argued that the standard TFP growth is low during an investment boom for new technology such as the IT revolution. [2] The results of the carried out analyses indicate that the investment boom and very favorable climate for carrying out activities connected with real estate development, especially on the housing market, which has been around since at least 2015, began to show increasingly clearer symptoms indicating a halt in the growth rate and a worsening situation of real estate developers at the beginning of 2018. [3] We show that government spending in China (i) Granger-causes output, consumption and investment booms as well as inflation and (ii) has a multiplier larger than 1. [4]意义 是什么推动了创新、冒险和投资热潮？我们使用公司的决策模型来研究这些现象，该模型对先前的回报进行有偏见的观察。 [1] Brynjolfsson、Rock 和 Syverson（2021 年）认为，在 IT 革命等新技术的投资热潮期间，标准 TFP 增长较低。 [2] 所进行的分析结果表明，投资热潮和开展与房地产开发相关的活动的非常有利的环境，尤其是房地产市场，至少从 2015 年开始就开始表现出越来越明显的停滞迹象2018年初房地产开发商增速和形势恶化。 [3] 我们表明，中国的政府支出 (i) 格兰杰导致产出、消费和投资繁荣以及通货膨胀，并且 (ii) 乘数大于 1。 [4]