Can Positive Expectations in the Capital Market Alleviate the Shortage of Aggregate Demand?
This paper constructs a macro-financial model that incorporates the characteristics of enterprises entering and exiting the stock market,to study the impact of stock market expectation shocks on China's macroeconomy.It also quanti-tatively analyzes the endogenous uncertainty transmission channels of these shocks and their role in China's"dual-pillar"regulatory framework.The research has found that the investor expectation shock of rising stock prices can help alleviate the shortage of aggregate demand.At the same time,the"dual-pillar"macroprudential regulatory framework that focuses on stock prices can stabilize the volatility of aggregate demand caused by stock price expectation shocks.
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