| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10727 |
| DP10727 Can a Financial Transaction Tax Prevent Stock Price Booms? | |
| Albert Marcet; Klaus Adam; Sebastian Merkel | |
| 发表日期 | 2015-07-19 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We present a stock market model that quantitatively replicates the joint behavior of stock prices, trading volume and investor expectations. Stock prices in the model occasionally display belief-driven boom and bust cycles that delink asset prices from fundamentals and redistribute considerable amounts of wealth from less to more experienced investors. Although gains from trade arise only from subjective belief differences, introducing financial transactions taxes (FTTs) remains undesirable. While FTTs reduce the size and length of boom-bust cycles, they increase the likelihood of such cycles, therby overall return volatility and wealth redistribution. Contingent FTTs, which are levied only above a certain price threshold, give rise to problems of equilibrium multiplicity and non-existence. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Asset price booms Financial transactions tax Tobin tax |
| URL | https://cepr.org/publications/dp10727 |
| 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/539558 |
| 推荐引用方式 GB/T 7714 | Albert Marcet,Klaus Adam,Sebastian Merkel. DP10727 Can a Financial Transaction Tax Prevent Stock Price Booms?. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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