Money And Asset Prices In Boom And Bust
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Money And Asset Prices In Boom And Bust
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Author : Tim Congdon
language : en
Publisher: Iea
Release Date : 2005
Money And Asset Prices In Boom And Bust written by Tim Congdon and has been published by Iea this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
By considering recent and historical events such as the Great Depression, episodes of boom and bust in the UK, and the malaise in Japan in the 1990s and the early 21st century, monetary economist Tim Congdon is able to show how monetary policy affects both financial markets and the real economy. In all these episodes, fluctuations in money supply growth led to booms or busts in financial markets and were associated with turbulence in the price level and in output and employment. The crucial linkages between monetary policy and financial markets, argues the author, involve broad money, not narrow money. Non-bank financial institutions, such as pension funds and insurance companies, play a critical role in transmitting fluctuations in money growth to asset prices. This monograph is an important contribution to the crucial debate on the role of monetary aggregates in setting monetary policy. Congdon's argument, that ignoring monetary aggregates can lead to profound instability in the real economy, is compelling.
Boom Busts In Asset Prices Economic Instability And Monetary Policy
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Author : Michael D. Bordo
language : en
Publisher:
Release Date : 2002
Boom Busts In Asset Prices Economic Instability And Monetary Policy written by Michael D. Bordo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business cycles categories.
Asset Prices Booms And Recessions
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Author : Willi Semmler
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-06-15
Asset Prices Booms And Recessions written by Willi Semmler and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-15 with Business & Economics categories.
The financial market melt-down of the years 2007-2009 has posed great challenges for studies on financial economics. This financial economics text focuses on the dynamic interaction of financial markets and economic activity. The financial market to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange market; economic activity includes the actions and interactions of firms, banks, households, governments and countries. The book shows how economic activity affects asset prices and the financial market, and how asset prices and financial market volatility and crises impact economic activity. The book offers extensive coverage of new and advanced topics in financial economics such as the term structure of interest rates, credit derivatives and credit risk, domestic and international portfolio theory, multi-agent and evolutionary approaches, capital asset pricing beyond consumption-based models, and dynamic portfolio decisions. Moreover a completely new section of the book is dedicated to the recent financial market meltdown of the years 2007-2009. Emphasis is placed on empirical evidence relating to episodes of financial instability and financial crises in the U.S. and in Latin American, Asian and Euro-area countries. Overall, the book explains what researchers and practitioners in the financial sector need to know about the financial-real interaction, and what practitioners and policy makers need to know about the financial market.
Boom Bust Phases In Asset Prices And Fiscal Policy Behavior
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Author : Mr.Albert Jaeger
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2004-04-01
Boom Bust Phases In Asset Prices And Fiscal Policy Behavior written by Mr.Albert Jaeger and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-04-01 with Business & Economics categories.
Boom and bust phases in asset prices have become a pervasive feature of macroeconomic developments in many advanced economies. This paper studies fiscal policy during boom-bust phases in asset prices and draws several conclusions. First, expansions and contractions in economic activity during such boom-bust phases tend to be highly persistent, cyclical turning points are harder to forecast, and the margins of error for output gap estimates can be large. Second, conventional estimates of revenue elasticities seem not to allow an accurate assessment of the fiscal stance and of the strength of underlying fiscal positions during boom-bust phases. And third, boom-bust phases tend to exacerbate already existing procyclical policy biases, as well as political-economy biases, toward higher spending and public debt ratios.
Boom And Bust
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Author : William Quinn
language : en
Publisher: Cambridge University Press
Release Date : 2020-08-06
Boom And Bust written by William Quinn and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-06 with Business & Economics categories.
Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? Boom and Bust reveals why bubbles happen, and why some bubbles have catastrophic economic, social and political consequences, whilst others have actually benefited society.
Liquidity Shocks And Asset Price Boom Bust Cycles
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Author : Ramón Adalid
language : en
Publisher:
Release Date : 2007
Liquidity Shocks And Asset Price Boom Bust Cycles written by Ramón Adalid and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
We provide systematic evidence for the association of liquidity shocks and aggregate asset prices during mechanically identified asset price boom/bust episodes for 18 OECD countries since the 1970s, while taking care of the endogeneity of money and credit. Our derivation of liquidity shocks allows for frequent shifts in velocity as they are derived as structural shocks from VARs in growth rates. Residential property price developments and money growth shocks accumulated over the boom periods are able to well explain the depth of post-boom recessions. We further suggest that liquidity shocks are a driving factor for real estate prices during boom episodes. During normal times however, the relative predictive power of liquidity shocks seems to shift from asset price inflation to consumer price inflation. The results only hold for broad money growth based liquidity shocks and not for private credit growth shocks.
Booms And Busts In Asset Prices
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Author : Klaus Adam
language : en
Publisher:
Release Date : 2010
Booms And Busts In Asset Prices written by Klaus Adam and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Bonds categories.
Bubbles Booms And Busts
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Author : Donald Rapp
language : en
Publisher: Springer
Release Date : 2014-11-14
Bubbles Booms And Busts written by Donald Rapp and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-14 with Business & Economics categories.
This book deals at some length with the question: Since there are many more poor than rich, why don’t the poor just tax the rich heavily and reduce the inequality? In the 19th century and the first half of the 20th century, the topic of inequality was discussed widely. Ending or reducing inequality was a prime motivating factor in the emergence of communism and socialism. The book discusses why later in the 20th century, inequality has faded out as an issue. Extensive tables and graphs of data are presented showing the extent of inequality in America, as well as globally. It is shown that a combination of low taxes on capital gains contributed to a series of real estate and stock bubbles that provided great wealth to the top tiers, while real income for average workers stagnated. Improved commercial efficiency due to computers, electronics, the Internet and fast transport allowed production and distribution with fewer workers, just as the advent of electrification, mechanization, production lines, vehicles and trains in the 1920s and 1930s produced the same stagnating effect.
Monetary Policy And Asset Price Bubbles
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Author : Andrew Joseph Filardo
language : en
Publisher:
Release Date : 2004
Monetary Policy And Asset Price Bubbles written by Andrew Joseph Filardo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Capital assets pricing model categories.
Monetary Policy And Asset Prices
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Author : Michael D. Bordo
language : en
Publisher: International Monetary Fund
Release Date : 2002-12
Monetary Policy And Asset Prices written by Michael D. Bordo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-12 with Business & Economics categories.
The link between monetary policy and asset price movements has been of perennial interest to policymakers. In this paper, we consider the potential case for preemptive monetary restrictions when asset price reversals can have serious effects on real output. First, we present some stylized facts on boom-bust dynamics in stock and property prices in developed economies. We then discuss the case for a preemptive monetary policy in the context of a stylized model. We find that the optimal policy depends on the economic conditions in a complex, nonlinear way and cannot be summarized by a simple policy rule of the type considered in the inflation-targeting literature.