A Golden Rule for When Chinese Repeat a Word Twice X Twice? 热热闹闹
As a native Chinese speaker, I've never learned the AABB "grammar rule" from book. This means it's never considered as a kind of grammar rule at least in my student age.

But I don't agree with @gcd0318. There is difference between AB and AABB. In Chinese, repeating usually means emphasize the AB word, or to make the sentence sounds good to phonology. 

e.g. 勤恳（diligent and conscientious） vs. 勤勤恳恳 
Although they have the same mean, but use 勤勤恳恳 always make the audience feel that the speaker is highly applaud one's diligent and conscientious. Use 勤恳 doesn't have the strong emotional feeling.

Back to your example, 热热闹闹, it's the same as usage of 勤勤恳恳. It emphasize how  bustling it is.

And see this great answer for usage of repeating words in Chinese.