Asset price bubbles and economic welfare
Data(s) |
01/03/2016
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Resumo |
In this paper, we provide the first empirical evidence on whether or not asset price bubbles predict economic welfare. Using a time-series model, we show that asset price bubbles both positively and negatively predict economic welfare, although the evidence that asset price bubbles are welfare-enhancing is much stronger. These results are also robust to out-of-sample forecasting as well as to a predictive regression model augmented by structural break dates. |
Identificador | |
Idioma(s) |
eng |
Publicador |
Elsevier |
Relação |
http://dro.deakin.edu.au/eserv/DU:30084998/narayan-assetpricebubbles-2016.pdf http://www.dx.doi.org/10.1016/j.irfa.2016.01.011 |
Direitos |
2016, Elsevier |
Palavras-Chave | #asset price bubbles #welfare #predictability |
Tipo |
Journal Article |