登入
選單
返回
Google圖書搜尋
Low Interest Rates and High Asset Prices
Robert J. Shiller
其他書名
An Interpretation in Terms of Changing Popular Economic Models
出版
National Bureau of Economic Research
, 2007
URL
http://books.google.com.hk/books?id=TRTwAAAAMAAJ&hl=&source=gbs_api
註釋
There has been a widespread perception in the past few years that long-term asset prices are generally high because monetary authorities have effectively kept long-term interest rates, which the market uses to discount cash flows, low. This perception is not accurate. Long-term interest rates have not been especially low. What has changed to produce high asset prices appears instead to be changes in popular economic models that people actually rely on when valuing assets. The public has mostly forgotten the concept of "real interest rate." Money illusion appears to be an important factor to consider.