Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/173161 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
BERG Working Paper Series No. 133
Verlag: 
Bamberg University, Bamberg Economic Research Group (BERG), Bamberg
Zusammenfassung: 
We develop a model in which investors can participate in stock, bond and housing markets. Investors' market entry decisions are subject to herding effects and depend on the markets' price trends and on their mispricings. The dynamics of our model is governed by a four-dimensional nonlinear map and its unique inner steady state is characterized by standard present-value relations between dividends, rents and the bond rate. Amongst other things, we show that endogenous stock and housing market dynamics emerge, countercyclical to each other, if investors react strongly to the markets' price trends. Such a cross feedback reflects investors' tendency to transfer their enthusiasm from one speculative market to another.
Schlagwörter: 
stock markets
housing markets
bond markets
bounded rationality
market interactions
nonlinear dynamics
JEL: 
D84
G12
R21
ISBN: 
978-3-943153-54-5
Dokumentart: 
Working Paper

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