Asset Price Regulators, Unite: You have the Macroeconomy to Win and the Microeconomic Losses are Small
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Menzies, Gordon, Bird, Ronald, Dixon, Peter and Rimmer, Maureen T (2011) Asset Price Regulators, Unite: You have the Macroeconomy to Win and the Microeconomic Losses are Small. Economic Record, 87 (278). pp. 449-464. ISSN 0013-0249 (print) 1475-4932 (online)
Abstract
The global financial crisis (GFC) has rekindled debate about the desirability of governmental interference in asset markets – either through the operation of policy levers, or through the chosen institutional setup. In this article, we quantify economic costs because of mispricing of real assets in the USAGE model of the USA. The microeconomic costs of misallocated capital are small. The model suggests that regulators (or central banks) who risk mispricing by influencing asset prices do so without incurring large economic costs.
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| Item type | Article |
| URI | https://vuir.vu.edu.au/id/eprint/24677 |
| DOI | 10.1111/j.1475-4932.2010.00702.x |
| Official URL | http://onlinelibrary.wiley.com/doi/10.1111/j.1475-... |
| Subjects | Historical > FOR Classification > 1402 Applied Economics Historical > Faculty/School/Research Centre/Department > College of Business Current > Division/Research > Centre of Policy Studies (CoPS) |
| Keywords | capital misallocation, CGE modeling, financial crises, real assets, macroeconomic modeling |
| Citations in Scopus | 1 - View on Scopus |
| Download/View statistics | View download statistics for this item |
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