کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5098921 1376970 2012 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Changes in the output Euler equation and asset markets participation
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
Changes in the output Euler equation and asset markets participation
چکیده انگلیسی
Recent estimates of the output Euler equation for the United States indicate that the elasticity of aggregate demand to interest rates is not significantly different from zero. We first argue that this result may hide a structural break: the estimated elasticity is a convolution of two coefficients with opposite signs across the samples 1965-1979 and 1982-2003. The sign of the coefficient in the earlier sample is inconsistent with standard economic theory and intuition. We outline a model with limited asset markets participation that can generate this change in sign when asset market participation changes from low to high, and provide institutional evidence for such a change in the United States in the late 1970s and early 1980s.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 36, Issue 11, November 2012, Pages 1659-1672
نویسندگان
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