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U.S. Monetary Policy and Stock Prices: Should the Fed Attempt to Control Stock Prices?
John, Tatom - Volkswirtschaftliche Fakultät, … - 2009
This article rejects the linkages in proposals that the Federal Reserve Bank (Fed) target equity prices. The real federal funds rate (RFF) and stock prices (SP) are uncorrelated; causality tests show a positive effect of SP on RFF and a negative effect of SP on RFF. These results occur as part of...
Persistent link: https://www.econbiz.de/10008476386
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What broke the bubble?
Barnett, William A. - Volkswirtschaftliche Fakultät, … - 2008
This paper is the basis for the Guest Columnist article in the Tuesday, November 11, 2008 issue of the Kansas City Star newspaper's Business Weekly. Because of space limitations, the published newspaper column had to be shortened from the original and unfortunately did not include either of the...
Persistent link: https://www.econbiz.de/10005622040
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A Model of Monetary Equilibrium with Random Output and Restricted Borrowing
Mierzejewski, Fernando - 2010
An alternative theoretical setting is presented to characterise the money demand and the monetary equilibrium. Two main hypotheses are stated that contradict the assumptions normally sustained by scholars and policy-makers: National output is assumed to be a random variable, and people are...
Persistent link: https://www.econbiz.de/10013148534
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Rational bubbles in emerging stockmarkets
Nunes, Mauricio; Da Silva, Sergio - Volkswirtschaftliche Fakultät, … - 2007
We detected rational bubbles in 22 emerging stockmarkets using both standard and threshold cointegration. Eighteen … stockmarkets experienced explosive bubbles (and some of them periodically collapsing bubbles as well). The remaining four markets … experienced periodically collapsing bubbles only. …
Persistent link: https://www.econbiz.de/10005836174
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Geldpolitik, vagabundierende Liquidität und platzende Blasen in neuen und Aufstrebenden Märkten
Schnabl, Gunther; Hoffmann, Andreas - Volkswirtschaftliche Fakultät, … - 2007
contributed to bubbles in the new and emerging markets. Based on the monetary overinvestment theories of Hayek and Wicksell we … describe a wave of bubbles and crises that was initiated in Japan by an expansionary monetary policy in the mid 1980s. After … the burst of the Japanese bubble and sharply declining interest rates in Japan, carry trade transmitted the bubbles to …
Persistent link: https://www.econbiz.de/10005837325
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A behavioral model of bubbles and crashes
Kaizoji, Taisei - Volkswirtschaftliche Fakultät, … - 2010
The aim of this paper is to propose a new model of bubbles and crashes to elucidate a mechanism of bubbles and … ended up with a crash. Furthermore, we describe that cycles of bubbles and crashes are repeated. …
Persistent link: https://www.econbiz.de/10011257785
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Causes of Financial Crises Past and Present: The Role of the This Time is Different Syndrome
Reinhart, Carmen; Rogoff, Kenneth - Volkswirtschaftliche Fakultät, … - 2012
In this note, we attempt to place the question of how we got to the global financial crisis that began as the US Subprime debacle in the summer of 2007 in the context of an international and historical comparative setting. It is of some poignancy that the “we” here refers to the wealthiest...
Persistent link: https://www.econbiz.de/10011259756
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Rational bubbles and the spirit of capitalism
Zhou, Ge - Volkswirtschaftliche Fakultät, … - 2011
This paper explores the existence of rational bubbles in the pricing of an asset that pays no dividend. I find that … when "the spirit of capitalism" is introduced into a growth model, rational bubbles do exist provided that the marginal …, could exist. This could provide a simple theoretical foundation to explore economic implications of the collapse of bubbles. …
Persistent link: https://www.econbiz.de/10009328131
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Gaussian and non-Gaussian models for financial bubbles via econophysics
Fry, J. M. - Volkswirtschaftliche Fakultät, … - 2010
We develop a rational expectations model of financial bubbles and study how the risk-return interplay is incorporated …
Persistent link: https://www.econbiz.de/10008765636
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Theories and Tests for Bubbles
Sirnes, Espen - Volkswirtschaftliche Fakultät, … - 1997
Explains the general theory of stock market bubbles, how it can be tested, and investigates whether there have been … bubbles in the Norwegian stock market. …
Persistent link: https://www.econbiz.de/10011108685