Matches in SemOpenAlex for { <https://semopenalex.org/work/W3124073810> ?p ?o ?g. }
Showing items 1 to 82 of
82
with 100 items per page.
- W3124073810 abstract "This paper suggests that non-fundamental component in asset prices is one of the drivers of financial and credit cycle. Presented model builds on the financial accelerator literature by including a stock market where limitedly-liable investors trade stocks of productive firms with stochastic productivities. Investors borrow funds from the banking sector and can go bankrupt. Their limited liability induces a moral hazard problem which shifts demand for risk and drives prices of risky assets above fundamental value. Embedding the contracting problem in a New Keynesian general equilibrium framework, the model shows that loose monetary policy induces loose credit conditions and leads to a rise in both fundamental and non-fundamental components of stock prices. Positive shock to non-fundamental component triggers a financial cycle: collateral values rise, lending rate and default rate decreases. These effects reverse after several quarters, inducing a credit crunch. The credit boom lasts only while stock market growth maintains sufficient momentum. However, monetary policy does not reduce volatility of inflation and output gap by reacting to asset prices." @default.
- W3124073810 created "2021-02-01" @default.
- W3124073810 creator A5060408733 @default.
- W3124073810 creator A5072868612 @default.
- W3124073810 date "2015-03-01" @default.
- W3124073810 modified "2023-10-01" @default.
- W3124073810 title "Limited Liability, Asset Price Bubbles and the Credit Cycle: The Role of Monetary Policy" @default.
- W3124073810 cites W1508198902 @default.
- W3124073810 cites W2001891240 @default.
- W3124073810 cites W2115657206 @default.
- W3124073810 cites W2140281938 @default.
- W3124073810 cites W2147560556 @default.
- W3124073810 cites W2156961915 @default.
- W3124073810 cites W2171022524 @default.
- W3124073810 cites W2234817438 @default.
- W3124073810 cites W3121236665 @default.
- W3124073810 cites W3122247972 @default.
- W3124073810 cites W3123325515 @default.
- W3124073810 cites W3123842146 @default.
- W3124073810 cites W3124391855 @default.
- W3124073810 cites W3124712761 @default.
- W3124073810 cites W3125472679 @default.
- W3124073810 hasPublicationYear "2015" @default.
- W3124073810 type Work @default.
- W3124073810 sameAs 3124073810 @default.
- W3124073810 citedByCount "0" @default.
- W3124073810 crossrefType "posted-content" @default.
- W3124073810 hasAuthorship W3124073810A5060408733 @default.
- W3124073810 hasAuthorship W3124073810A5072868612 @default.
- W3124073810 hasConcept C10138342 @default.
- W3124073810 hasConcept C10688316 @default.
- W3124073810 hasConcept C126285488 @default.
- W3124073810 hasConcept C139719470 @default.
- W3124073810 hasConcept C162324750 @default.
- W3124073810 hasConcept C180879305 @default.
- W3124073810 hasConcept C2777910564 @default.
- W3124073810 hasConcept C2778055162 @default.
- W3124073810 hasConcept C489367 @default.
- W3124073810 hasConcept C556758197 @default.
- W3124073810 hasConcept C73283319 @default.
- W3124073810 hasConcept C83873408 @default.
- W3124073810 hasConcept C86537402 @default.
- W3124073810 hasConceptScore W3124073810C10138342 @default.
- W3124073810 hasConceptScore W3124073810C10688316 @default.
- W3124073810 hasConceptScore W3124073810C126285488 @default.
- W3124073810 hasConceptScore W3124073810C139719470 @default.
- W3124073810 hasConceptScore W3124073810C162324750 @default.
- W3124073810 hasConceptScore W3124073810C180879305 @default.
- W3124073810 hasConceptScore W3124073810C2777910564 @default.
- W3124073810 hasConceptScore W3124073810C2778055162 @default.
- W3124073810 hasConceptScore W3124073810C489367 @default.
- W3124073810 hasConceptScore W3124073810C556758197 @default.
- W3124073810 hasConceptScore W3124073810C73283319 @default.
- W3124073810 hasConceptScore W3124073810C83873408 @default.
- W3124073810 hasConceptScore W3124073810C86537402 @default.
- W3124073810 hasLocation W31240738101 @default.
- W3124073810 hasOpenAccess W3124073810 @default.
- W3124073810 hasPrimaryLocation W31240738101 @default.
- W3124073810 hasRelatedWork W1580142708 @default.
- W3124073810 hasRelatedWork W1584240361 @default.
- W3124073810 hasRelatedWork W1600935682 @default.
- W3124073810 hasRelatedWork W1936266449 @default.
- W3124073810 hasRelatedWork W2091193497 @default.
- W3124073810 hasRelatedWork W2100927162 @default.
- W3124073810 hasRelatedWork W2121581362 @default.
- W3124073810 hasRelatedWork W2134581155 @default.
- W3124073810 hasRelatedWork W2139549180 @default.
- W3124073810 hasRelatedWork W2601438719 @default.
- W3124073810 hasRelatedWork W2948459751 @default.
- W3124073810 hasRelatedWork W3121946177 @default.
- W3124073810 hasRelatedWork W3122185418 @default.
- W3124073810 hasRelatedWork W3122678451 @default.
- W3124073810 hasRelatedWork W3124046990 @default.
- W3124073810 hasRelatedWork W3179955404 @default.
- W3124073810 hasRelatedWork W3205765434 @default.
- W3124073810 hasRelatedWork W342097740 @default.
- W3124073810 hasRelatedWork W434067951 @default.
- W3124073810 hasRelatedWork W77669637 @default.
- W3124073810 isParatext "false" @default.
- W3124073810 isRetracted "false" @default.
- W3124073810 magId "3124073810" @default.
- W3124073810 workType "article" @default.