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Opening Models of Asset Prices and Risk to Nonroutine Change

Roman Frydman and Michael D. Goldberg

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter considers an alternative approach to economic analysis, Imperfect Knowledge Economics (IKE), and introduces a model of asset prices and risk that has explicit mathematical ... More


Heterogeneous Gain Learning and Long Swings in Asset Prices

Blake LeBaron

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter focuses on heterogeneous gain learning and long swings in asset prices. Many asset prices deviate from their fundamental values, yielding potential long-run predictability. Asset price ... More


The Long Swings of Employment, Investment, and Asset Prices

Gylfi Zoega

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the long swings of employment, investment, and asset prices. It highlights one stylized fact that a model of the natural rate of unemployment should be able to take into ... More


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