泡沫的存在性及其對經(jīng)濟的影響.doc
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泡沫的存在性及其對經(jīng)濟的影響,全文24頁約10000字論述翔實摘要 本文探討了資產(chǎn)定價泡沫在世代交迭模型中存在的可能性，證明了資產(chǎn)定價泡沫只可能在經(jīng)濟是動態(tài)無效的情況下才能夠存在，并且給出了隨機情況下泡沫存在的條件.從理論上分析了資產(chǎn)定價泡沫對經(jīng)濟的影響，結(jié)果表明在實質(zhì)資本收益率確定的情況下，適當(dāng)?shù)?資產(chǎn)定價泡沫對我國經(jīng)...
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此文檔由會員 孤星逐月 發(fā)布
泡沫的存在性及其對經(jīng)濟的影響
全文24頁 約10000字 論述翔實
摘要 本文探討了資產(chǎn)定價泡沫在世代交迭模型中存在的可能性，證明了資產(chǎn)定價泡沫只可能在經(jīng)濟是動態(tài)無效的情況下才能夠存在，并且給出了隨機情況下泡沫存在的條件.從理論上分析了資產(chǎn)定價泡沫對經(jīng)濟的影響，結(jié)果表明在實質(zhì)資本收益率確定的情況下，適當(dāng)?shù)?資產(chǎn)定價泡沫對我國經(jīng)濟有益，會增加人均消費，加快我國經(jīng)濟向動態(tài)有效轉(zhuǎn)化，使資源配置達到Pareto最優(yōu)；在實質(zhì)資本受益率隨機的情況下，資產(chǎn)定價泡沫對經(jīng)濟的影響是不確定的，其效果依賴于投資者對未來投資實質(zhì)資本收益率的預(yù)期.
關(guān)鍵詞 泡沫，市場基本值，世代交迭模型，動態(tài)無效
部分參考文獻
[10] Shiller, R. :”Do Stock Prices Move too Much to be Justified by Subsequent Changes in Dividends?” American Economic Review ,71(1982),421-436.
[11] Shiller, R. :”Stock Market Prices, Interest Rates and the Business Cycle,” mimeo,1982.
[12] Tirole, J. :”O(jiān)n the Possibility of Speculation Under Rational Expectations ,” Econometrica , 50(1982),1163-1181.
[13] Tirole , J.,” Asset Bubbles and Over Lapping Generations,” Econometrica , 53(1985), 1499-1582.
[14] Wallace, N. :”The Over Lapping Generations Model of Fiat Money,” in Models of Monetary Economics, ed. by J. Kareken and N. Wallace. Minneapolis: Federal Reserve Bank of Minneapolis,1980.
[15] Weil, P.,” Confidence and the Real Value of Money in an Over Lapping Generations Economy,” Quarterly Journal of Economics, 102(1987), 1-22.
全文24頁 約10000字 論述翔實
摘要 本文探討了資產(chǎn)定價泡沫在世代交迭模型中存在的可能性，證明了資產(chǎn)定價泡沫只可能在經(jīng)濟是動態(tài)無效的情況下才能夠存在，并且給出了隨機情況下泡沫存在的條件.從理論上分析了資產(chǎn)定價泡沫對經(jīng)濟的影響，結(jié)果表明在實質(zhì)資本收益率確定的情況下，適當(dāng)?shù)?資產(chǎn)定價泡沫對我國經(jīng)濟有益，會增加人均消費，加快我國經(jīng)濟向動態(tài)有效轉(zhuǎn)化，使資源配置達到Pareto最優(yōu)；在實質(zhì)資本受益率隨機的情況下，資產(chǎn)定價泡沫對經(jīng)濟的影響是不確定的，其效果依賴于投資者對未來投資實質(zhì)資本收益率的預(yù)期.
關(guān)鍵詞 泡沫，市場基本值，世代交迭模型，動態(tài)無效
部分參考文獻
[10] Shiller, R. :”Do Stock Prices Move too Much to be Justified by Subsequent Changes in Dividends?” American Economic Review ,71(1982),421-436.
[11] Shiller, R. :”Stock Market Prices, Interest Rates and the Business Cycle,” mimeo,1982.
[12] Tirole, J. :”O(jiān)n the Possibility of Speculation Under Rational Expectations ,” Econometrica , 50(1982),1163-1181.
[13] Tirole , J.,” Asset Bubbles and Over Lapping Generations,” Econometrica , 53(1985), 1499-1582.
[14] Wallace, N. :”The Over Lapping Generations Model of Fiat Money,” in Models of Monetary Economics, ed. by J. Kareken and N. Wallace. Minneapolis: Federal Reserve Bank of Minneapolis,1980.
[15] Weil, P.,” Confidence and the Real Value of Money in an Over Lapping Generations Economy,” Quarterly Journal of Economics, 102(1987), 1-22.
