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Asset prices and macroeconomic outcomes: a survey

Stijn Claessens () and Ayhan Kose

No 676, BIS Working Papers from Bank for International Settlements

Abstract: This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these linkages? And third, what are the main challenges to the theoretical and empirical findings? The survey addresses these questions in the context of four major asset price categories: equity prices, house prices, exchange rates and interest rates, with a particular focus on their international dimensions. It also puts into perspective the evolution of the literature on the determinants of asset prices and their linkages with macroeconomic outcomes, and discusses possible future research directions.

Keywords: equity prices; exchange rates; house prices; interest rates; credit; output; consumption; investment; real-financial linkages; macrofinancial linkages; imperfections; frictions (search for similar items in EconPapers)
JEL-codes: D53 E21 E32 E44 E51 F36 F44 F65 G01 G10 G12 G14 G15 G21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fmk, nep-mac and nep-opm
Date: 2017-11
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Related works:
Working Paper: Asset Prices and Macroeconomic Outcomes: A Survey (2017) Downloads
Working Paper: Asset prices and macroeconomic outcomes: A survey (2017) Downloads
Working Paper: Asset Prices and Macroeconomic Outcomes: A Survey (2017) Downloads
Working Paper: Asset prices and macroeconomic outcomes: a survey (2017) Downloads
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