资产价格与宏观经济表现之间的关联性——理论与实证研究综述

Asset Prices and Macroeconomic Outcomes： A Survey

实体经济与金融部门之间会相互影响，其核心表现是资产价格和宏观经济之间的联系。文章回顾了关于资产价格与宏观经济表现间关联性的相关文献，并指出资产价格与经济活动之间的联系与标准模型预测的情况存在诸多差异。文章建议未来在数据问题、新一代模型开发和政策设计等三个方面进一步加强研究。

There are two-way interactions between the real economy and the financial sector, at the center of which are the nkages between asset prices and macroeconomic outcomes. This paper surveys the literature on the linka ges between asset prices and macroeconomic outcomes, and points out that there are still many differences between the predictions of the standard models and the data. It also discusses three promising areas for future research, stressing the need for better-quality data, new generation of models and the design of policies.