Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/129592
Autor:innen: 
Adam, Klaus
Marcet, Albert
Merkel, Sebastian
Beutel, Johannes
Datum: 
2015
Schriftenreihe/Nr.: 
Working Paper Series No. 15-10
Verlag: 
University of Mannheim, Department of Economics, Mannheim
Zusammenfassung: 
We present a stock market model that quantitatively replicates the joint behavior of stock prices, trading volume and investor expectations. Stock prices in the model occasionally display belief-driven boom and bust cycles that delink asset prices from fundamentals and redistribute considerable amounts of wealth from less to more experienced investors. Although gains from trade arise only from subjective belief di¤erences, introducing financial transactions taxes (FTTs)remains undesirable. While FTTs reduce the size and length of boom-bust cycles, they increase the likelihood of such cycles, therby overall return volatility and wealth redistribution. Contingent FTTs, which are levied only above a certain price threshold, give rise to problems of equilibrium multiplicity and non-existence.
Schlagwörter: 
financial transactions tax
Tobin tax
asset price booms
JEL: 
G12
D84
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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