| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2880 |
| 来源ID | Working Paper 2880 |
| Positive Feedback Investment Strategies and Destabilizing Rational Speculation | |
| J. Bradford De Long; Andrei Shleifer; Lawrence H. Summers; Robert J. Waldmann | |
| 发表日期 | 1989-03-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | Analyses of the role of rational speculators in financial markets usually presume that such investors dampen price fluctuations by trading against liquidity or noise traders. This conclusion does not necessarily hold when noise traders follow positive-feedback investment strategies buy when prices rise and sell when prices fall. In such cases, it may pay rational speculators to try to jump on the bandwagon early and to purchase ahead of noise trader demand. If rational speculators' attempts to jump on the bandwagon early trigger positive-feedback investment strategies, then an increase in the number of forward-looking rational speculators can lead to increased volatility of prices about fundamentals. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w2880 |
| 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/560149 |
| 推荐引用方式 GB/T 7714 | J. Bradford De Long,Andrei Shleifer,Lawrence H. Summers,et al. Positive Feedback Investment Strategies and Destabilizing Rational Speculation. 1989. |
| 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 | ||
| w2880.pdf（1093KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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