Chartered Institute for Securities & Investment (CISI) Certificate for Introduction to Securities and Investment
Chartered Institute for Securities & Investment (CISI) Certificate for Introduction to Securities and Investment
Our results indicate that the assumed structural identication scheme is compatible with the data. Based on the conrmed identication of funda- mental and nonfundamental shocks, the historical stock prices are decom- posed into fundamental components and nonfundamental components. In contrast to Binswanger (2004), the decomposition shows that the linkage be- tween Japanese stock prices and real activity shocks became strengthened since the bubble collapsed in the beginning of 1990s. After the o