Financial Markets and Investment Externalities
探讨金融市场冲击如何影响投资选择，并分析由此产生的各种外部性，特别关注债务与权益市场冲击的差异，结合1990年代末科技泡沫和2000年代中期房地产泡沫进行说明。
ABSTRACT This address explores the link between financial market shocks, investment choices, and various externalities that can arise from these choices. My analysis, which emphasizes differences between shocks to debt and equity markets, provides insights about some stylized facts from the macro finance literature. These insights are illustrated with a discussion of the technology boom and bust in the late 1990s and early 2000s, and the housing boom and bust in the mid‐2000s.