Asset price regulators, unite: You have the macroeconomy to win and the microeconomic losses are small

Menzies, G; Bird, R; Dixon, PB; Rimmer, MT

Asset price regulators, unite: You have the macroeconomy to win and the microeconomic losses are small

Menzies, G

Bird, R

Dixon, PB Rimmer, MT

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Publication Type:: Journal Article
Citation:: Economic Record, 2011, 87 (278), pp. 449 - 464
Issue Date:: 2011-09-01

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Field	Value	Language
dc.contributor.author	Menzies, G https://orcid.org/0000-0003-4133-2282	en_US
dc.contributor.author	Bird, R https://orcid.org/0000-0003-0524-9377	en_US
dc.contributor.author	Dixon, PB	en_US
dc.contributor.author	Rimmer, MT	en_US
dc.date.issued	2011-09-01	en_US
dc.identifier.citation	Economic Record, 2011, 87 (278), pp. 449 - 464	en_US
dc.identifier.issn	0013-0249	en_US
dc.identifier.uri	http://hdl.handle.net/10453/17254
dc.description.abstract	The global financial crisis (GFC) has rekindled debate about the desirability of governmental interference in asset markets - either through the operation of policy levers, or through the chosen institutional setup. In this article, we quantify economic costs because of mispricing of real assets in the USAGE model of the USA. The microeconomic costs of misallocated capital are small. The model suggests that regulators (or central banks) who risk mispricing by influencing asset prices do so without incurring large economic costs. © 2011 The Economic Society of Australia.	en_US
dc.relation.ispartof	Economic Record	en_US
dc.relation.isbasedon	10.1111/j.1475-4932.2010.00702.x	en_US
dc.subject.classification	Economics	en_US
dc.title	Asset price regulators, unite: You have the macroeconomy to win and the microeconomic losses are small	en_US
dc.type	Journal Article
utslib.citation.volume	278	en_US
utslib.citation.volume	87	en_US
utslib.for	1402 Applied Economics	en_US
utslib.for	14 Economics	en_US
utslib.for	15 Commerce, Management, Tourism and Services	en_US
dc.location.activity	New York, USA
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Economics Discipline
utslib.copyright.status	closed_access
pubs.issue	278	en_US
pubs.publication-status	Published	en_US
pubs.volume	87	en_US

Abstract:

The global financial crisis (GFC) has rekindled debate about the desirability of governmental interference in asset markets - either through the operation of policy levers, or through the chosen institutional setup. In this article, we quantify economic costs because of mispricing of real assets in the USAGE model of the USA. The microeconomic costs of misallocated capital are small. The model suggests that regulators (or central banks) who risk mispricing by influencing asset prices do so without incurring large economic costs. © 2011 The Economic Society of Australia.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/17254