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Funding Externalities, Asset Prices And Investors' "Search For Yield"

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  • Prasanna Gai

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  • Kamakshya Trivedi
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    Abstract

    This note presents a simple model that nests the “excess liquidity” and “savings glut” hypotheses of the debate on the recent asset price boom. It clarifies the notion of investors’ ‘search for yield’ and shows how financial frictions influence asset price dynamics.

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    File URL: http://cbe.anu.edu.au/research/papers/camawpapers/Papers/2008/Gai_Trivedi_122008.pdf
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    Bibliographic Info

    Paper provided by Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University in its series CAMA Working Papers with number 2008-12.

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    Length: 16 pages
    Date of creation: Feb 2008
    Date of revision:
    Handle: RePEc:een:camaaa:2008-12

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    1. Blanchard, Olivier J, 1981. "Output, the Stock Market, and Interest Rates," American Economic Review, American Economic Association, American Economic Association, vol. 71(1), pages 132-43, March.
    2. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2003. "An Essay on the Revived Bretton Woods System," NBER Working Papers 9971, National Bureau of Economic Research, Inc.
    3. Krugman, Paul, 1991. "History versus Expectations," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 106(2), pages 651-67, May.
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