THE VOLATILITY OF ASSET PRICES IN A STOCHASTIC PRODUCTION ECONOMY

被引：0
|
作者：
HAHM, S
机构：
[1] Virginia Polytechnic Institute, State University, Blacksburg, VA
来源：
ECONOMICS LETTERS | 1992年 / 40卷 / 01期
关键词：
D O I：
10.1016/0165-1765(92)90251-S
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Without appealing to non-market fundamentals (bubbles or irrational noise traders), this paper explains excess volatility by incorporating the fact that expectations of future technology shocks affect current production and asset prices respond to such expectations.
引用
收藏
页码：97 / 104
页数：8
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