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Fundamental and speculative demands for housing

Lian, Weicheng - 2019

This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine...

Persistent link: https://www.econbiz.de/10012009613

Optimal macroprudential policy and asset price bubbles

Biljanovska, Nina; Górnicka, Lucyna; Vardoulakis, … - 2019

that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the …

Persistent link: https://www.econbiz.de/10012103635

Asset price bubbles : a selective survey

Scherbina, Anna - 2013

Persistent link: https://www.econbiz.de/10009726553

Asset Price Bubbles : A Selective Survey

Scherbina, Anna - 2013

Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature … on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard … insights for how bubbles are initiated and sustained, the reasons they burst, and why arbitrage forces do not routinely step in …

Persistent link: https://www.econbiz.de/10014395388

Japanese Banks and the Asset Price ""Bubble""

Fries, Steven - 1993

With the recent collapse of the asset price “bubble,” Japanese banks encountered significant pressure from both a sharp decline in the value of equity holdings and a marked increase in bad loans. In August 1992, the Government initiated measures that stabilized equity prices and assisted...

Persistent link: https://www.econbiz.de/10014396132

Rational Speculation, Financial Crises, and Optimal Policy Responses

Surti, Jay - 2004

This paper develops a theory of the onset of financial crises by solving for the optimal trading strategies of …

Persistent link: https://www.econbiz.de/10014401439

Noise Traders and Herding Behavior

Redding, Lee Scott - 1996

Recent developments in financial economics have included many explorations into market microstructure, that is, the internal functioning of markets and the ways in which they provide liquidity to traders. An important contribution of this literature is that prices can deviate from their...

Persistent link: https://www.econbiz.de/10014396062

Speculative Attacks

Guidotti, Pablo Emilio - 1991

A brief survey of the literature on speculative attacks is provided. The nature and causes of balance-of-payments crises, the implications for the behavior of the current account and the real exchange rate are discussed. Also, potential areas for future research on balance-of-payments crises are...

Persistent link: https://www.econbiz.de/10014396450

Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume

Kramer, Charles Frederick - 1994

The relationship of stock returns and trading volume is the focus of much recent interest. I examine an economic model of a rational trader who operates in a market with transactions costs and noise trading. The level of trading affects the rational trader’s marginal cost of transacting; as a...

Persistent link: https://www.econbiz.de/10014397789

Deposit Insurance Regulatory forbearance and Economic Growth : Implications for the Japanese Banking Crisis

Kletzer, Kenneth - 2005

An endogenous growth model with financial intermediation demonstrates how deposit insurance and prudential regulatory forbearance lead to banking crises and growth declines. The model assumptions are based on features of the Japanese financial system and regulation. The model demonstrates how...

Persistent link: https://www.econbiz.de/10014404180