Asset Prices and Macroeconomic Outcomes : A Survey / Stijn Claessens, M. Ayhan Kose.

Format:

Book

Author/Creator:

Claessens, Stijn, author.

Kose, M. Ayhan, author.

Series:

Discussion paper / Centre for Economic Policy Research ; Number 12460.

Discussion paper / Centre for Economic Policy Research ; Number 12460

Language:

English

Subjects (All):

Monetary policy.

Physical Description:

1 online resource (92 pages) : illustrations.

Other Title:

Asset Prices and Macroeconomic Outcomes

Place of Publication:

Washington D.C. : The World Bank, 2017.

Summary:

This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these linkages? And third, what are the main challenges to the theoretical and empirical findings? The survey addresses these questions in the context of four major asset price categories: equity prices, house prices, exchange rates and interest rates, with a particular focus on their international dimensions. It also puts into perspective the evolution of the literature on the determinants of asset prices and their linkages with macroeconomic outcomes, and discusses possible future research directions.

Notes:

Description based on publisher supplied metadata and other sources.

Publisher Number:

10.1596/1813-9450-8259