| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12542 |
| 来源ID | Working Paper 12542 |
| Measuring the Macroeconomic Risks Posed by Asset Price Booms | |
| Stephen G. Cecchetti | |
| 发表日期 | 2006-09-28 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Modern central bankers are the risk managers of the financial system. They take actions based not only on point forecasts for growth and inflation, but based on the entire distribution of possible macroeconomic outcomes. In numerous instances monetary policymakers have acted in ways designed to avert disasters. What are the implications of this approach for managin the risks posed by asset price booms? To address this question, I study data from a cross-section of countries to examine the impact of equity and property booms on the entire distribution of deviation in output and price-level from their trends. The results suggest that housing booms worsen growth prospects, creating outsized risks of very bad outcomes. By contrast, equity booms have very little impact on the expected mean and variance of macroeconomic performance, but worsen the worst outcomes. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics |
| URL | https://www.nber.org/papers/w12542 |
| 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/570200 |
| 推荐引用方式 GB/T 7714 | Stephen G. Cecchetti. Measuring the Macroeconomic Risks Posed by Asset Price Booms. 2006. |
| 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 | ||
| w12542.pdf（222KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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