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Shocks and shock absorbers: The International Propagation Of Equity Market Shocks and the design of appropriate policy responses

机译：冲击和减震器：国际股市冲击的蔓延和适当政策应对的设计

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Equity prices are major sources of shocks to the world economy and channels for\udpropagation of these shocks. We seek to calibrate macroeconomic effects of falls in share\udprices and assess appropriate policy responses, using the National Institute Global\udEconometric Model NiGEM. Based on estimated relationships, falls in US equity prices have\udsignificant impacts on global activity; potential for liquidity traps suggest a need for\udcomplementary monetary and fiscal policy easing. However, fiscal easing boosts long-term\udreal interest rates and hence moderates one of the automatic shock absorbers provided by the\udmarket mechanism.

机译：股票价格是冲击世界经济的主要来源，也是这些冲击的传播渠道。我们力图使用国立全球经济计量模型NiGEM来校准股价下跌，价格下跌对宏观经济的影响并评估适当的政策对策。根据估计的关系，美国股票价格的下跌对全球活动影响不明显。潜在的流动性陷阱表明需要采取\ u \ n补充性的货币和财政政策宽松政策。但是，财政宽松会提高长期\ udreal利率，从而缓和\ udmarket机制提供的自动避震器之一。

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Barrell, R; Davis, EP;
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年度 2005
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Shocks and shock absorbers: The International Propagation Of Equity Market Shocks and the design of appropriate policy responses

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