منابع مشابه
Why Does Inventory Investment Fluctuate So Much During Contractions
Inventory investment appears to have a significant impact on the movement of aggregate output during business cycle contractions. Recent empirical evidence has raised doubts about the often used assumption of a bufferstock/production-smoothing motivation for inventory. Work by Blinder and Maccini suggests that the use of an (S,s), or intermittent adjustment decision rule, better explains the st...
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متن کاملDoes Stock Market Volatility Forecast Returns: The International Evidence
We use daily price indices obtained from the Morgan Stanley Capital International to construct realized volatility for 18 individual stock markets, including the US, and the world stock market. In contrast with the CAPM, we find that volatility by itself does not forecast excess returns in most countries; however, it becomes a significant predictor when combined with the US consumptionwealth ra...
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Stock price has been found to provide important information about future economic activities. Fama (1981), Fischer and Merton (1984), and Barro (1990), among many others, document a positive relation between stock market return and subsequent growth in investment and output. These findings are consistent with rational expectations asset pricing models, in which stock price is equal to the sum o...
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ژورنال
عنوان ژورنال: The Quarterly Journal of Economics
سال: 1993
ISSN: 0033-5533,1531-4650
DOI: 10.2307/2118333