The Interaction of Asset Pricing and Economic Activity

资产定价与经济活动的相互作用

• 批准号: 8814208
• 负责人: Andrew Abel
• 金额: $ 9.8万
• 依托单位: National Bureau of Economic Research Inc
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1988
• 资助国家: 美国
• 起止时间: 1988-08-01 至 1991-07-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=8814208&HistoricalAwards=false
• 关键词: Interaction; Asset; Pricing; Economic; Activity

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.

资本资产的定价以及资产价格和 真实的经济活动一直是宏观经济学的重要课题 过去几十年的研究。 股票和债券的作用 市场在决定消费需求和投资需求方面， 凯恩斯和其他信奉凯恩斯主义传统的人都强调了这一点。 新兴古典宏观经济学也关注 资产价格和整体经济活动水平。 然而，在这方面， 所处理的具体问题以及 商业周期和资产价格之间的关系往往非常密切， 不同于凯恩斯主义传统。 这样做的目的 研究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， 资产价格和总储蓄和投资，以及 货币和财政政策。 所采用的方法将基于 新古典宏观经济范式。 这项研究很重要，因为它将揭示 资产价格和产出波动之间的相互作用， 就业 这反过来又会使人们更深入地了解 经济周期如何利用财政和货币政策 改善周期性的不稳定性。