Asset Prices and Macroeconomic Outcomes : A Survey

This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is...

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Main Authors:	Claessens, Stijn, Kose, M. Ayhan
Format:	Working Paper
Language:	English
Published:	World Bank, Washington, DC 2017
Subjects:	EQUITY PRICES EXCHANGE RATES HOUSE PRICES INTEREST RATES CREDIT INVESTMENT FINANCIAL LINKAGES IMPERFECTIONS FRICTION CONSUMPTION OUTPUT
Online Access:	http://documents.worldbank.org/curated/en/599841511879164538/Asset-prices-and-macroeconomic-outcomes-a-survey http://hdl.handle.net/10986/28920

id	okr-10986-28920
recordtype	oai_dc
spelling	okr-10986-289202021-06-08T14:42:47Z Asset Prices and Macroeconomic Outcomes : A Survey Claessens, Stijn Kose, M. Ayhan EQUITY PRICES EXCHANGE RATES HOUSE PRICES INTEREST RATES CREDIT INVESTMENT FINANCIAL LINKAGES IMPERFECTIONS FRICTION CONSUMPTION OUTPUT This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these linkages? And third, what are the main challenges to the theoretical and empirical findings? The survey addresses these questions in the context of four major asset price categories: equity prices, house prices, exchange rates and interest rates, with a particular focus on their international dimensions. It also puts into perspective the evolution of the literature on the determinants of asset prices and their linkages with macroeconomic outcomes, and discusses possible future research directions. 2017-12-01T18:12:58Z 2017-12-01T18:12:58Z 2017-11 Working Paper http://documents.worldbank.org/curated/en/599841511879164538/Asset-prices-and-macroeconomic-outcomes-a-survey http://hdl.handle.net/10986/28920 English Policy Research Working Paper;No. 8259 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	EQUITY PRICES EXCHANGE RATES HOUSE PRICES INTEREST RATES CREDIT INVESTMENT FINANCIAL LINKAGES IMPERFECTIONS FRICTION CONSUMPTION OUTPUT
spellingShingle	EQUITY PRICES EXCHANGE RATES HOUSE PRICES INTEREST RATES CREDIT INVESTMENT FINANCIAL LINKAGES IMPERFECTIONS FRICTION CONSUMPTION OUTPUT Claessens, Stijn Kose, M. Ayhan Asset Prices and Macroeconomic Outcomes : A Survey
relation	Policy Research Working Paper;No. 8259
description	This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these linkages? And third, what are the main challenges to the theoretical and empirical findings? The survey addresses these questions in the context of four major asset price categories: equity prices, house prices, exchange rates and interest rates, with a particular focus on their international dimensions. It also puts into perspective the evolution of the literature on the determinants of asset prices and their linkages with macroeconomic outcomes, and discusses possible future research directions.
format	Working Paper
author	Claessens, Stijn Kose, M. Ayhan
author_facet	Claessens, Stijn Kose, M. Ayhan
author_sort	Claessens, Stijn
title	Asset Prices and Macroeconomic Outcomes : A Survey
title_short	Asset Prices and Macroeconomic Outcomes : A Survey
title_full	Asset Prices and Macroeconomic Outcomes : A Survey
title_fullStr	Asset Prices and Macroeconomic Outcomes : A Survey
title_full_unstemmed	Asset Prices and Macroeconomic Outcomes : A Survey
title_sort	asset prices and macroeconomic outcomes : a survey
publisher	World Bank, Washington, DC
publishDate	2017
url	http://documents.worldbank.org/curated/en/599841511879164538/Asset-prices-and-macroeconomic-outcomes-a-survey http://hdl.handle.net/10986/28920
_version_	1764468033924890624

Asset Prices and Macroeconomic Outcomes : A Survey

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