English, Article, Journal or magazine article edition: Stock market expectations, effects on prices and aggregate income Marcello SPANO'

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Bookmark: http://trove.nla.gov.au/version/58934
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Stock market expectations, effects on prices and aggregate income
Author
  • Marcello SPANO'
Physical Description
  • preprint
Notes
  • Greenwald and Stiglitz (1993) show that firms' capital structure (equity vs. debt) may strongly affect aggregate output and employ-ment as a consequence of undiversifiable bankruptcy costs. This paper extends the framework by analysing the macroeconomic effects of share price fluctuations which arise from the stock market and which are cor-related to prices of goods. The stock market appears to speed up the transmission mechanism linking nominal shocks to aggregate output and employment, as share price variations (bull and bear stock mar-ket) anticipate the real effects of aggregate price shocks before they occur.
  • RePEc:mil:wpdepa:2003-25
Language
  • English
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