Securitization and Asset Price Cycle: Causality and Post-Crisis Policy Reform

2010 ◽  
Author(s):  
Man Cho
Keyword(s):  
Policy Reform ◽  
Asset Price

The Greening of Economic Policy Reform

1997 ◽  
Author(s):  
Jeremy Warford ◽  
Mohan Munasinghe ◽  
Wilfrido Cruz
Keyword(s):  
Economic Policy ◽  
Policy Reform

Trade policy reform in developing countries since 1985

1994 ◽  
Author(s):  
Judith M. Dean ◽  
Seema Desai ◽  
James Riedel
Keyword(s):  
Developing Countries ◽  
Trade Policy ◽  
Policy Reform

Welfare and Poverty Impacts of Cocoa Price Policy Reform in Cote d'Ivoire

10.1596/29625 ◽  
2017 ◽  
Author(s):  
Roy Katayama ◽  
Andrew Dabalen ◽  
Essama Nssah ◽  
Guy Morel Amouzou Agbe
Keyword(s):  
Cote D'ivoire ◽  
Côte D’Ivoire ◽  
Policy Reform ◽  
Price Policy ◽  
Cote D’Ivoire ◽  
Côte D'ivoire ◽  
Welfare And Poverty

The Micro and Macro of Managerial Beliefs

2020 ◽  
Author(s):  
Jose Maria Barrero
Keyword(s):  
Rational Expectations ◽  
Asset Price ◽  
Heterogeneous Firms ◽  
Adjustment Costs ◽  
Consumer Welfare ◽  
Sales Growth ◽  
Firm Level ◽  
Managerial Decisions ◽  
Managerial Beliefs ◽  
Growth Volatility

This paper studies how biases in managerial beliefs affect managerial decisions, firm performance, and the macroeconomy. Using a new survey of US managers I establish three facts. (1) Managers are not over-optimistic: sales growth forecasts on average do not exceed realizations. (2) Managers are overprecise (overconfident): they underestimate future sales growth volatility. (3) Managers overextrapolate: their forecasts are too optimistic after positive shocks and too pessimistic after negative shocks. To quantify the implications of these facts, I estimate a dynamic general equilibrium model in which managers of heterogeneous firms use a subjective beliefs process to make forward-looking hiring decisions. Overprecision and overextrapolation lead managers to overreact to firm-level shocks and overspend on adjustment costs, destroying 2.1 percent of the typical firm’s value. Pervasive overreaction leads to excess volatility and reallocation, lowering consumer welfare by 0.5 to 2.3 percent relative to the rational expectations equilibrium. These findings suggest overreaction may amplify asset-price and business cycle fluctuations.

Fifty years of UK asset price volatility

2000 ◽  
Vol 2 (3) ◽  
pp. 63-77 ◽  
Author(s):  
Nicola Anderson ◽  
Francis Breedon
Keyword(s):  
Asset Price ◽  
Price Volatility
Sign in / Sign up

Export Citation Format

Share Document