FUNDING EXTERNALITIES, ASSET PRICES AND INVESTORS' ‘SEARCH FOR YIELD’

Prasanna Gai and Kamakshya Trivedi

Bulletin of Economic Research, 2009, vol. 61, issue 1, 73-82

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.

Date: 2009
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