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Retirement and the Stock Market Bubble
Gustman, Alan L. - 2002
This paper specifies and estimates a structural dynamic stochastic model of the way individuals make retirement and saving choices in an uncertain world, and applies that model to analyze the effects of the stock market bubble on retirement behavior. The model includes individual variation both...
Persistent link: https://www.econbiz.de/10012469299
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Speculative Growth
Caballero, Ricardo J. - 2002
bubble. In contrast to classic bubbles on non-productive assets, the bubbles in our model encourage real investments, boost …
Persistent link: https://www.econbiz.de/10012469322
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Bubbles and Capital Flows
Ventura, Jaume - 2002
This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that … bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles … productivity countries. Through this channel, bubbles act as substitute for international capital flows, improving the …
Persistent link: https://www.econbiz.de/10012469402
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Stocks as Money : Convenience Yield and the Tech-Stock Bubble
Cochrane, John H. - 2002
What caused the rise and fall of tech stocks? I argue that a mechanism much like the transactions demand for money drove many stock prices above the 'fundamental value' they would have had in a frictionless market. I start with the Palm/3Com microcosm and then look at tech stocks in general....
Persistent link: https://www.econbiz.de/10012469727
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Boom-Busts in Asset Prices, Economic Instability, and Monetary Policy
Bordo, Michael D. - 2002
The link between monetary policy and asset price movements has been of perennial interest to policy makers. In this paper we consider the potential case for pre-emptive monetary restrictions when asset price reversals can have serious effects on real output. First, we provide some historical...
Persistent link: https://www.econbiz.de/10012469748
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IPO Market Cycles : Bubbles or Sequential Learning?
Lowry, Michelle - 2000
We examine the strong cycles in the number of initial public offerings (IPOs) and in the average initial returns realized by investors who participated in the IPOs. At the aggregate level, initial returns are predictably related to past initial returns and also to future IPO volume from...
Persistent link: https://www.econbiz.de/10012470801
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Monetary Policy and Asset Price Volatility
Bernanke, Ben - 2000
We explore the implications of asset price volatility for the management of monetary policy. We show that it is desirable for central banks to focus on underlying inflationary pressures. Asset prices become relevant only to the extent they may signal potential inflationary or deflationary...
Persistent link: https://www.econbiz.de/10012471216
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Measuring Bubble Expectations and Investor Confidence
Shiller, Robert J. - 1999
This paper presents evidence on attitude changes among investors in the US stock market. Two basic attitudes are explored: bubble expectations and investor confidence. Semiannual time-series indicators of these attitudes are presented for US stock market institutional investors based on...
Persistent link: https://www.econbiz.de/10012471792
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Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination
McCallum, Bennett T. - 1998
The recently-developed fiscal theory of price level determination contends that there is an important class of policy rules in which there exists a unique rational expectations solution that shows the price level to be dependent upon fiscal policy and independent of monetary variables. The...
Persistent link: https://www.econbiz.de/10012472349
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Explaining Asset Bubbles in Japan
Ito, Takatoshi - 1995
and the land price increase in 1990 is not explained by any asset pricing model based on fundamentals or rational bubbles …
Persistent link: https://www.econbiz.de/10012473511