Asset Prices and Macroeconomic Outcomes : A Survey

Claessens, Stijn ; Kose, M. Ayhan

World Bank, Washington, DC

关键词: EQUITY PRICES;    EXCHANGE RATES;    HOUSE PRICES;    INTEREST RATES;    CREDIT;   

DOI  :  10.1596/1813-9450-8259
RP-ID  :  WPS8259

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper surveys the literature on thelinkages between asset prices and macroeconomic outcomes. Itfocuses on three major questions. First, what are the basictheoretical linkages between asset prices and macroeconomicoutcomes? Second, what is the empirical evidence supportingthese linkages? And third, what are the main challenges tothe theoretical and empirical findings? The survey addressesthese questions in the context of four major asset pricecategories: equity prices, house prices, exchange rates andinterest rates, with a particular focus on theirinternational dimensions. It also puts into perspective theevolution of the literature on the determinants of assetprices and their linkages with macroeconomic outcomes, anddiscusses possible future research directions.