金融學(xué)專業(yè)外文翻譯----股票市場(chǎng)經(jīng)濟(jì)活動(dòng)的行為方式-金融財(cái)政-全文預(yù)覽
【正文】 rading strategies and the varying perception of what the fundamentals are – and what their trend is – which explains the actual asset price dynamics. 5. The VAR Methodology Moreover, a more plete VAR study of the stock market and its interaction with other variables may also take into account inflation rates and exchange rates. Regime Change Models Overall, one might argue that the VAR methodology is strong in capturing lead and lag patterns in the interaction of the variables but it does not reveal important structural relations, in particular if nonlinearities prevail in the interaction of the variables. Moreover, dynamic macro models may be needed to provide some rationale for the use of structural relationships and to highlight relevant restrictions on empirical tests. 5 Change Models There is some econometric work on the nonlinear interaction of stock market and output. The major type of models are built on Hamilton’s regime change models. The Hamilton idea (Hamilton, 1989) that output follows two different autoregressive processes depending on whether the economy is in an expanding or contracting regime, is extended to a study of the stock market in Hamilton and Lin (1996). The above mentioned studies of threshold (or business cycle) dependent volatility points to the possibility that returns and volatility may not be constant but time varying, . vary with the business cycle. This gives rise to the conjecture that the above stated assumption in a constant riskfree rate, equity premium and Sharperatio — often referred to in RBC models – might not be quite correct. One should rather attempt to match models with time varying financial characteristics such as equity premium and Sharperatio. 7. Conclusions Our review of empirical approaches to study the interaction of stock prices and output –or in some cases stock prices, other financial variables and output— should be viewed as an introduction to modelling asset markets and economic activity. In Chap. 6 macro factors impacting stock prices are studied and a macro model that 6 takes account of the interaction of macro variables and asset prices is introduced and empirical results reported. In Chap we explore the effects of new technology on asset prices and returns. Thereafter standard asset pricing models, in particular the capital asset pricing and intertemporal capital asset pricing models, are considered in detail and some estimation results are reported as well. 譯 文： 股票市場(chǎng)經(jīng)濟(jì)活動(dòng)的行為方式 在實(shí)證金融以及宏觀經(jīng)濟(jì)研 究中，股票的市場(chǎng)和經(jīng)濟(jì)活動(dòng)的互動(dòng)已成為一個(gè)重要課題。該研究研究了財(cái)富的影響，通過借款，貸款和銀行的消費(fèi)，公司和家庭的行為對(duì)股市的評(píng)價(jià)。信用消費(fèi)可
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