The Interaction of Asset Pricing and Economic Activity

过去几十年来，资本资产的定价以及资产价格与实体经济活动的相互作用一直是宏观经济研究的重要课题。股票和债券市场在决定消费需求和投资需求方面的作用一直被凯恩斯和其他遵循凯恩斯传统的人所强调。新古典宏观经济学还关注资产价格和整体经济活动水平之间的相互作用。然而，所涉及的具体问题以及商业周期和资产价格之间的联系机制，往往与凯恩斯传统截然不同。本研究的目的是建立一些一般均衡模型来分析风险变化对资产价格的影响，资产价格与总储蓄和投资之间的关系，以及货币和财政政策的影响。所采用的方法将以新古典宏观经济范式为基础。这项研究之所以重要，是因为它将阐明资产价格与产出和就业波动之间的相互作用。这反过来将加深对商业周期的理解，即如何利用财政和货币政策来改善周期性不稳定性。

The pricing of capital assets and the interaction of asset prices and real economic activity have been important subjects of macroeconomic research over the past several decades. The role of stock and bond markets in determining consumption demand and investment demand has been emphasized by Keynes and others working in the Keynsian tradition. The new classical macroeconomics also is concerned with the interaction of asset prices and the level of overall economic activity. However, the specific questions addressed and the mechanisms by which the business cycle and asset prices are related are frequently very different from those in the Keynsian tradition. The purpose of this study is to develop a number of general equilibrium models to analyze the effects of changing risk on asset prices, the relationship among asset prices and aggregate savings and investment, and the effects of monetary and fiscal policy. The methodology employed will be based on the new classical macroeconomic paradigm. This research is important because it will shed light on the interaction between asset prices and fluctuations in output and employment. This in turn would provide a deeper understanding of the business cycle how fiscal and monetary policy might be used to ameliorate cyclical instabilities.