| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19383 |
| 来源ID | Working Paper 19383 |
| Financial Market Shocks and the Macroeconomy | |
| Avanidhar Subrahmanyam; Sheridan Titman | |
| 发表日期 | 2013-08-29 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Feedback from stock prices to cash flows occurs because information revealed by firms' stock prices influences the actions of competitors. We explore the implications of feedback within a noisy rational expectations setting with incumbent publicly traded firms and privately held new entrants. In this setting the equilibrium relation among stock prices and both future dividends and aggregate output depends on the strategic environment in which these firms operate. In general, under reasonable conditions, the relations between prices, dividends, and economic output in our framework are consistent with empirical evidence in the macroliterature. We also generate new, potentially testable, implications. |
| 主题 | Macroeconomics ; Business Cycles ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w19383 |
| 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/577058 |
| 推荐引用方式 GB/T 7714 | Avanidhar Subrahmanyam,Sheridan Titman. Financial Market Shocks and the Macroeconomy. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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