G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1738
DP1738 Venture Capital Financing, Moral Hazard and Learning
Ulrich Hege; Dirk Bergemann
发表日期1997-11-30
出版年1997
语种英语
摘要The work presented in this paper falls into two parts. First, using a simple model and within the context of the central bank?s objective of price stability, it is shown that the optimal monetary response to unexpected changes in asset prices depends on how these changes affect the central bank?s inflation forecast, which in turn depends on two factors: the role of the asset price in the transmission mechanism and the typical information content of innovations in the asset price. In this context, the advantages and disadvantages of setting monetary policy in terms of a weighted average of a short-term interest rate and an asset price such as the exchange rate ? a Monetary Conditions Index (MCI) ? are discussed. The second, more empirical, part of the paper, uses an estimated policy reaction function, to document the short-term response to financial asset prices, including the exchange rate, in two countries with inflation targets (Australia and Canada) and suggests that the different response to exchange rate changes in these countries can in part be explained by differences in their underlying sources.
主题International Macroeconomics
关键词Asset prices Mci monetary policy
URLhttps://cepr.org/publications/dp1738
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/530881
推荐引用方式
GB/T 7714
Ulrich Hege,Dirk Bergemann. DP1738 Venture Capital Financing, Moral Hazard and Learning. 1997.
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