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.

本文的目的是研究不同年龄组的收入分配对投机泡沫存在的影响。一个关键问题是，这种分配是否会促进与更大资本水平相关的泡沫，即生产性泡沫。我们在重叠世代模型中解决这些问题，其中代理人生活三个时期，在生命的第一个时期进行的生产性投资是一种非流动性投资，其回报发生在接下来的两个时期。泡沫是一种流动性投机性投资，有助于跨期消费平滑。我们表明，按年龄组划分的收入分配决定了泡沫的存在和对总生产的影响。我们还表明，财政政策通过改变收入分配，