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Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ISER Discussion Paper No. 1147
Verlag: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
Zusammenfassung: 
We investigate the effect of preannounced market intervention on an asset price as well as participants' welfare in an experimental frame- work where participants have consumption smoothing motives to trade the asset. The results show that, on one hand, the preannounced inter- vention results in significantly larger overpricing of the asset relative to the rational expectations equilibrium level in periods prior to the intervention compared with the treatment without it. The participants' welfare, measured by the discounted sum of the payoffs at the beginning of the experiment, on the other hand, are not significantly worsened by the intervention.
Schlagwörter: 
Asset Pricing
Consumption Smoothing
Bounded Rationality
Quantitative Easing
JEL: 
C90
D84
Dokumentart: 
Working Paper

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