Abstract
This note presents a simple model that nests the 'excess liquidity' and 'savings glut' hypotheses of the debate on the recent asset price boom. It clarifies the notion of investors' 'search for yield' and shows how financial frictions influence asset price dynamics.
| Original language | English |
|---|---|
| Pages (from-to) | 73-82 |
| Journal | Bulletin of Economic Research |
| Volume | 61 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - 2009 |