Asset Prices, Booms and Recessions Financial Economics from a Dynami
The book studies the interaction of the financial market, economic activity and the macroeconomy from a dynamic perspective. The financial market to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange ma
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Willi Semmler
Asset Prices, Booms and Recessions Financial Economics from a Dynamic Perspective Second Edition With 45 Figures and 27 Tables
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Prof. Willi Semmler Department of Economics and Schwartz Center for Economic Policy Analysis Graduate Faculty New School University 65 Fifth Avenue New York, NY 10003, USA and Center of Empirical Macroeconomics Bielefeld University Universitätsstraße 25 33615 Bielefeld, Germany
isbn-10 3-540-28784-1 Edition Springer-Verlag Berlin Heidelberg New York isbn-13 978-3-540-28784-1 Springer-Verlag Berlin Heidelberg New York isbn 3-540-00432-7 1st Edition Springer-Verlag Berlin Heidelberg New York Cataloging-in-Publication Data applied for A catalog record for this book is available from the Library of Congress. Bibliographic information published by Die Deutsche Bibliothek Die Deutsche Bibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data available in the internet at http.//dnb.ddb.de This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. Springer is a part of Springer Science + Business Media springer.com © Springer-Verlag Berlin Heidelberg 2003, 2006 Printed in Germany The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: Erich Kirchner, Heidelberg spin 11551553
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Preface to the Second Edition
Since the publication of the first edition of this book, the links between economic activity and global financial markets have grown only stronger and more important. Thus, in this new edition, we continue and expand our exploration of a dynamic framework in which to study Financial Economics. By financial markets, we mean those activities, institutions, agents and strategies that typically play significant roles in the markets for bonds, equity, credit, and currencies. Economic activity encompasses those actions of firms, banks, households, and governments insofar as they are concerned with the production of goods and services, savings, investment, consumption, etc. Of course, the financial marketplace is but a subset of the larger economy. However, it is an increasingly important subset and its boundary with the rest of the economy has become progressively more blurry over time. In this new edition, we will more extensively study those mech
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