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The demographic transition and economic growth in the Pacific Rim / Andrew Mason, Ronald Lee, and Sang-Hyop Lee ; comments: Jocelyn E. Finlay, Jong-Wha Lee -- Population aging and economic growth in Asia / David E. Bloom, David Canning, and Jocelyn E. Finlay ; comments: Roberto S. Mariano,...
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We examine asset prices in environments where the risk-free rate lies considerably below the growth rate. To do so, we introduce a tractable model of a production economy featuring heterogeneous trading technologies, as well as idiosyncratic and aggregate risk. We show that allowing for the...
Persistent link: https://www.econbiz.de/10014436963
We characterize the relation between exchange rates and their macroeconomic fundamentals without committing to a …-free bonds, the exchange rate appreciates in states that are worse for home investors than foreign investors. This prediction is … at odds with the empirical evidence and can only be overturned if the deviations from U.I.P. are large and exchange rates …
Persistent link: https://www.econbiz.de/10014436982
This paper reviews recent developments in macro and finance on the relationship between financial risk and the real economy. We focus on three specific topics: the term structure of uncertainty, time variation - and specifically the long-term decline - in the variance risk premium, and time...
Persistent link: https://www.econbiz.de/10014437009
We measure investors' short- and long-term stock-return expectations using both options and survey data. These expectations at different horizons reveal what investors think their own short-term expectations will be in the future, or forward return expectations. While contemporaneous short-term...
Persistent link: https://www.econbiz.de/10014372444
We study the macroeconomic implications of asymmetric information in capital markets. We build a quantitative capital-accumulation model in which capital is traded in illiquid markets, with sellers having more information about capital quality than buyers. Asymmetric information distorts the...
Persistent link: https://www.econbiz.de/10014372468
This chapter examines the multifaceted interactions between top digital platforms and technology ventures across capital, labor, innovation, and product markets. Exploring how venture investments, talent flows, strategic alliances, and competitive behaviors can shape the innovation ecosystem,...
Persistent link: https://www.econbiz.de/10015195016