Asset Prices and the Real Economy

by Forrest Capie

2021-01-01 00:12:22

The recession which many countries experienced in the early 1990s had certain unusual aspects. Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. In consequence, reasons were sought to ex... Read more
The recession which many countries experienced in the early 1990s had certain unusual aspects. Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. In consequence, reasons were sought to explain the special characteristics of the recession and as a result of the behaviour of asset prices attention turned to ''Debt-Deflation Theories'' associated in different forms with Keynes and Irving Fisher. The contributors to this volume discuss the significance of debt deflation. Their striking common feature is that, on the evidence presented here, the behaviour of asset prices should not be of great concern to policy makers, or to those attempting to understand economic behaviour. However, residual doubts remain over the Japanese case. Less

Book Details

File size8.5 X 5.51 X 0 in
Print pages286
PublisherPalgrave Macmillan
Publication date January 1, 1997
LanguageEnglish
ISBN9780312129835
Forrest H. Capie is Professor of Economic History at Cass Business School, City University, and historian to the Bank of England, UK.Geoffrey E. Wood is Emeritus Professor of Economics at Cass Busines...

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