Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/211970 
Autor:innen: 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
Bank of Finland Discussion Papers No. 2/2004
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
This study presents a framework for extracting long-run GDP growth and inflation expectations from financial market data on a real-time basis.The framework uses information from both stock and bond markets.It builds on a dividend discount model of stock valuation and on a linearized consumption Euler equation. Furthermore, expected long-run dividend growth for a broad equity index is assumed to be related to expected long-run GDP growth. Short-run and long-run dividend growth expectations are allowed to differ.The former are measured using equity index futures.We extract growth and inflation expectations for the euro area and for the United States.
Schlagwörter: 
inflation expectations
growth expectations
equity index futures
JEL: 
E31
E44
E66
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
952-462-117-7
Dokumentart: 
Working Paper

Datei(en):
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