| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21294 |
| 来源ID | Working Paper 21294 |
| Sentiments, Financial Markets, and Macroeconomic Fluctuations | |
| Jess Benhabib; Xuewen Liu; Pengfei Wang | |
| 发表日期 | 2015-06-22 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper studies how financial information frictions can generate sentiment-driven fluctuations in asset prices and self-fulfilling business cycles. In our model economy, exuberant financial market sentiments of high output and high demand for capital increase the price of capital, which signals strong fundamentals of the economy to the real side and consequently leads to an actual boom in real output and employment. The model further derives implications for asymmetric non-linear asset prices and for economic contagion and co-movement across countries. In the extension to the dynamic OLG setting, our model demonstrates that sentiment shocks can generate persistent output, employment and business cycle fluctuations, and offers some new implications for asset prices over business cycles. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w21294 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578968 |
| 推荐引用方式 GB/T 7714 | Jess Benhabib,Xuewen Liu,Pengfei Wang. Sentiments, Financial Markets, and Macroeconomic Fluctuations. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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