| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1283 |
| 来源ID | Working Paper 1283 |
| The Specification and Influence of Asset Markets | |
| William H. Branson; Dale W. Henderson | |
| 发表日期 | 1984-03-01 |
| 出版年 | 1984 |
| 语种 | 英语 |
| 摘要 | This paper is a chapter in the forthcoming Handbook of International Economics. It surveys the literature on the specification of models of asset markets and the implications of differences in specification for the macroeconomic adjustment process. Builders of portfolio balance models have generally employed "postulated" asset demand functions, rather than deriving these directly from micro foundations. The first major sec-tion of the paper lays out a postulated general specification of asset markets and summarizes the fundamental short-run results of portfolio balance models using a very basic specification of asset markets. Then,rudimentary specifications of a balance of payments equation and goods market equilibrium conditions are supplied, so that the dynamic distribution effects of the trade account under static and rational expectations with both fixed goods prices and flexible goods prices can be analyzed.The second major section of the paper surveys and analyzes microfoundation models of asset demands using stochastic calculus. The microeconomic theory of asset demands implies some but not all of the properties of the basic specification of postulated asset demands at the macrolevel. Since the conclusions of macroeconomic analysis depend crucially on the form of asset demand functions, it is important to continue to explore the implications of micro foundations for macro specification. |
| 主题 | International Economics |
| URL | https://www.nber.org/papers/w1283 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558511 |
| 推荐引用方式 GB/T 7714 | William H. Branson,Dale W. Henderson. The Specification and Influence of Asset Markets. 1984. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1283.pdf（626KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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