| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8601 |
| DP8601 Political Uncertainty and Risk Premia | |
| Pietro Veronesi; Luboš Pástor | |
| 发表日期 | 2011-10-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We study the pricing of political uncertainty in a general equilibrium model of government policy choice. We find that political uncertainty commands a risk premium whose magnitude is larger in poorer economic conditions. Political uncertainty reduces the value of the implicit put protection that the government provides to the market. It also makes stocks more volatile and more correlated when the economy is weak. In addition, we find that government policies cannot be judged by the stock market response to their announcement. Announcements of deeper reforms tend to elicit less favorable stock market reactions. |
| 主题 | Financial Economics ; Public Economics |
| 关键词 | Bayesian Government Learning Political Put risk premium Uncertainty |
| URL | https://cepr.org/publications/dp8601 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537438 |
| 推荐引用方式 GB/T 7714 | Pietro Veronesi,Luboš Pástor. DP8601 Political Uncertainty and Risk Premia. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Pietro Veronesi]的文章 |
| [Luboš Pástor]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Pietro Veronesi]的文章 |
| [Luboš Pástor]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Pietro Veronesi]的文章 |
| [Luboš Pástor]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
