标题： 金融市场的内在不稳定性 显示英文标题

标题： The Intrinsic Instability of Financial Markets

摘要： 在本文中，我们从投机性供需的内在放大反馈角度解释了金融价格的剧烈波动。 形式上，我们证明了资产收益遵循带有外生输入的乘法随机增长，这已被证明是一种通用的幂律生成过程，因此可以很容易解释收益和其他相关变量的已建立的幂律分布。 此外，我们在此开发的理论是一个通用框架，可以在其中以统一的方式讨论竞争性观点。 例如，主导的随机游走模型如果我们在该框架中叠加市场出清（新古典经济学的核心），则可以轻松推导出来。 这对应于在外部输入（即来自实体经济的新闻随机流入）面前忽略价格动态中的反馈的情况。 显示英文摘要

摘要： In this paper we explain the wild fluctuations of financial prices from the intrinsic amplifying feedback of speculative supply and demand. Formally, we show that an asset return follows a multiplicative random growth with exogenous input, which is well-known to be a generic power-law generating process, and which could thus easily explain the well-established power-law distribution of returns, and other related variables. Moreover, the theory we develop here is a general framework where competing ideas can be discussed in a unified way. The dominant random walk model, for instance, is easily derived in this framework if we superimpose market clearing (central to neoclassical economics). It corresponds to the case where the feedback in price dynamics is ignored in favor of the external input, namely the random inflow of news from the real economy.