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Economic Perspectives, Vol. 38, 4th, 2014
Interest Rates and Asset Prices: A Primer
What does economic theory have to say about the extent to which exogenous changes in short-term and/or long-term riskless rates ought to affect asset prices, and by what channels? This article examines the implications of three key theoretical models of asset booms and busts, focusing on a variety of channels through which interest rates might affect real asset prices.
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