Stock Market, Interest Rate and Output: A Model and Estimation for US Time Series Data
نویسندگان
چکیده
منابع مشابه
Stock Market, Interest Rate and Output: A Model and Estimation for US Time Series Data
In this paper we construct a model of stock market, interest rate and output interaction which is a generalization of the well known 1981 model of Blanchard. We allow for imperfect substitutability between stocks and bonds in the asset market and for lagged portfolio adjustment. The reaction of agents to changes in the stock market is dependent on the state of the economy. We analyze the dynami...
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ژورنال
عنوان ژورنال: Studies in Nonlinear Dynamics & Econometrics
سال: 2002
ISSN: 1558-3708
DOI: 10.2202/1558-3708.1001