Savings Imbalances and the Business Cycle

Gordon Pepper
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Gordon Pepper: Department of Banking and Finance, City University Business School

Chapter 6 in Money, Credit and Asset Prices, 1994, pp 48-54 from Palgrave Macmillan

Abstract: Abstract Equity and gilt-edged prices tend to fluctuate over a business cycle. The phenomenon is well known and the question arises about why the fluctuations are not smoothed by expectational transactions in accordance with the efficient-market hypothesis. This chapter argues that one explanation is imbalances between the supply and demand for savings that occur during the various phases of an economic cycle.

Keywords: Monetary Policy; Business Cycle; Asset Price; Precautionary Saving; Saving Ratio (search for similar items in EconPapers)
Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37593-2_7

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DOI: 10.1057/9780230375932_7

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