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Funding Externalities, Asset Prices and Investors' "Search for Yield"

Gai, Prasanna; Trivedi, Kamakshya


This note presents a simple model that nests the 'excess liquidity' and 'savings glut' hypotheses of the debate on the recent asset price boom. It clarifies the notion of investors' 'search for yield' and shows how financial frictions influence asset price dynamics.

CollectionsANU Research Publications
Date published: 2009
Type: Journal article
Source: Bulletin of Economic Research
DOI: 10.1111/j.1467-8586.2008.00293.x


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