| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22485 |
| 来源ID | Working Paper 22485 |
| Macro-Finance | |
| John H. Cochrane | |
| 发表日期 | 2016-08-08 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Macro-finance addresses the link between asset prices and economic fluctuations. Many models reflect the same rough idea: the market's ability to bear risk varies over time, larger in good times, and less in bad times. Models achieve this similar result by quite different mechanisms, and I contrast their strengths and weaknesses. I outline how macro-finance models may illuminate macroeconomics, by putting time-varying risk aversion, risk-bearing capacity, and precautionary savings at the center of recessions rather than variation in “the” interest rate and intertemporal substitution. I emphasize unsolved questions and profitable avenues for research. |
| 主题 | Macroeconomics ; Financial Economics ; Financial Markets ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w22485 |
| 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/580159 |
| 推荐引用方式 GB/T 7714 | John H. Cochrane. Macro-Finance. 2016. |
| 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 | ||
| w22485.pdf（521KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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