Miroslav Misina - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T15:41:08+00:00What Does the Risk-Appetite Index Measure?
https://www.bankofcanada.ca/2003/08/working-paper-2003-23/
Explanations of changes in asset prices as being due to exogenous changes in risk appetite, although arguably controversial, have been popular in the financial community and have also received some attention in attempts to account for recent financial crises. Operational versions of these explanations are based on the assumption that changes in asset prices can be decomposed into a part that can be attributed to changes in riskiness and a part attributable to changes in risk aversion, and that some quantitative measure can capture these effects in isolation.2003-08-01T11:00:09+00:00enWhat Does the Risk-Appetite Index Measure?2003-08-01Economic modelsFinancial marketsWorking Paper 2003-23 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-23.pdfWhat Does the Risk-Appetite Index Measure?Miroslav MisinaAugust 2003GG1G12Are Distorted Beliefs Too Good to be True?
https://www.bankofcanada.ca/2003/02/working-paper-2003-4/
In a recent attempt to account for the equity-premium puzzle within a representative-agent model, Cecchetti, Lam, and Mark (2000) relax the assumption of rational expectations and in its place use the assumption of distorted beliefs. The author shows that the explanatory power of the distorted beliefs model is due to an inconsistency in the model and that an attempt to remove this inconsistency removes the model's explanatory power.2003-02-01T16:49:06+00:00enAre Distorted Beliefs Too Good to be True?2003-02-01Economic modelsFinancial marketsWorking Paper 2003-4 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp03-4.pdfAre Distorted Beliefs Too Good to be True?Miroslav MisinaFebruary 2003DD8D84GG1G12