The impact of monetary policy on stock market bubbles and trading behavior: Evidence from the lab

Urs Fischbacher; Thorsten Hens; Stefan Zeisberger

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The impact of monetary policy on stock market bubbles and trading behavior: Evidence from the lab

机译：货币政策对股市泡沫和交易行为的影响：来自实验室的证据

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We investigate the effect of monetary policy on stock market bubbles and trading behavior in experimental asset markets. We introduce the possibility of investing in interest bearing bonds to the widely used laboratory asset market design of Smith et al. (1988). Treatment groups face a variable interest rate policy which depends on asset prices, while control groups are subjected to a constant interest rate. We observe a strong impact of our interest rate policy on liquidity in the stock market but only a small impact on bubbles. However, we find that announcing the possibility of reserve requirements significantly reduces bubbles.

机译：我们研究货币政策对实验性资产市场中股票市场泡沫和交易行为的影响。在Smith等人的广泛使用的实验室资产市场设计中，我们引入了对带息债券进行投资的可能性。（1988）。治疗组面临取决于资产价格的可变利率政策，而对照组则受到恒定利率的影响。我们观察到利率政策对股市流动性的强烈影响，但对泡沫的影响很小。但是，我们发现宣布储备金要求的可能性大大减少了泡沫。

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来源
《Journal of Economic Dynamics and Control》 |2013年第10期|2104-2122|共19页
作者
Urs Fischbacher; Thorsten Hens; Stefan Zeisberger;
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作者单位

Department of Economics, University of Konstanz, Germany ,Thurgau Institute of Economics, Kreuzlingen, Switzerland;

Department of Banking and Finance, University of Zurich, Switzerland ,School of Economics, NHH Bergen, Norway;

Department of Banking and Finance, University of Zurich, Switzerland;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Experimental economics; Investment behavior; Liquidity; Monetary policy; Asset market bubbles;

机译：实验经济学;投资行为;流动资金;货币政策;资产市场泡沫;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

The impact of monetary policy on stock market bubbles and trading behavior: Evidence from the lab

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