Distorted Beliefs and Asset Price Disconnect Puzzles

扭曲的信念与资产价格脱节之谜

• 批准号: DP210103427
• 负责人: Prof Dr Bruce Preston
• 金额: $ 11.84万
• 依托单位: The University of Melbourne
• 依托单位国家: 澳大利亚
• 项目类别: Discovery Projects
• 财政年份: 2021
• 资助国家: 澳大利亚
• 起止时间: 2021-09-29 至 2024-09-28
• 项目状态: 已结题
• 来源: https://dataportal.arc.gov.au/RGS/Web/Grants/DP210103427
• 关键词: Distorted; Beliefs; Asset; Price; Disconnect

Asset price booms and busts have broad ranging implications for households. Despite this, models used for policy analysis struggle to explain asset prices and their implications for the macroeconomy. This project will deliver frontier macro-finance research to inform academics and policymakers on how to model asset price booms and busts, to explain why equity and house price falls appear to have small versus large effects, and how to design effective policy responses. Led by internationally recognized experts in macroeconomics, this research proposal is perfectly positioned to deliver scientific peer-reviewed research and embed outcomes through evidenced partnerships with the Reserve Bank of Australia and the Federal Department of Treasury.

资产价格的繁荣和萧条对家庭有着广泛的影响。尽管如此，用于政策分析的模型很难解释资产价格及其对宏观经济的影响。该项目将提供前沿宏观金融研究，为学者和政策制定者提供如何模拟资产价格繁荣和萧条的信息，解释为什么股票和房价福尔斯的影响似乎是小而不是大，以及如何设计有效的政策反应。在国际公认的宏观经济学专家的领导下，这项研究计划完全能够通过与澳大利亚储备银行和联邦财政部的合作伙伴关系，提供科学的同行评审研究和嵌入成果。