Distorted Beliefs and Asset Price Disconnect Puzzles

资产价格的起伏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。该项目将提供前沿的宏观金融研究，让学者和政策制定者了解如何模拟资产价格的繁荣和萧条，解释为什么股市和房价下跌的影响似乎小而不是大，以及如何设计有效的政策回应。在国际公认的宏观经济学专家的领导下，这项研究提案完美地定位于提供科学的同行评议的研究，并通过与澳大利亚储备银行和联邦财政部的合作伙伴关系嵌入成果。

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.