| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15883 |
| 来源ID | Working Paper 15883 |
| Beauty Contests and Irrational Exuberance: A Neoclassical Approach | |
| George-Marios Angeletos; Guido Lorenzoni; Alessandro Pavan | |
| 发表日期 | 2010-04-08 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | The arrival of new, unfamiliar, investment opportunities is often associated with "exuberant" movements in asset prices and real economic activity. During these episodes of high uncertainty, financial markets look at the real sector for signals about the profitability of the new investment opportunities, and vice versa. In this paper, we study how such information spillovers impact the incentives that agents face when making their real economic decisions. On the positive front, we find that the sensitivity of equilibrium outcomes to noise and to higher-order uncertainty is amplified, exacerbating the disconnect from fundamentals. On the normative front, we find that these effects are symptoms of constrained inefficiency; we then investigate policies that can improve welfare in our model without any informational advantage on the government's part. At the heart of these results is a distortion that induces a conventional neoclassical economy to behave as a Keynesian "beauty contest" and to exhibit fluctuations that may look like "irrational exuberance" to an outside observer. |
| 主题 | Microeconomics ; Economics of Information ; Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w15883 |
| 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/573558 |
| 推荐引用方式 GB/T 7714 | George-Marios Angeletos,Guido Lorenzoni,Alessandro Pavan. Beauty Contests and Irrational Exuberance: A Neoclassical Approach. 2010. |
| 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 | ||
| w15883.pdf（322KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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