全球智库信息集成服务系统(G2TT): DP3385 Economic Geography and the Role of Profits

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP3385
	DP3385 Economic Geography and the Role of Profits
	Jacques-François Thisse; Pierre Picard; Eric Toulemonde
发表日期	2002-05-20
出版年	2002
语种	英语
摘要	The link between monetary policy and asset price movements has been of perennial interest to policy makers. In this Paper we consider the potential case for pre-emptive monetary restrictions when asset price reversals can have serious effects on real output. First, we provide some historical background on two famous asset price reversals: the US stock market crash of 1929 and the bursting of the Japanese bubble in 1989. We then present some stylized facts on boom-bust dynamics in stock and property prices in developed economies. We then discuss the case for a pre-emptive monetary policy in the context of a stylized ?Dynamic New Keynesian? framework with collateral constraints in the productive sector. We find that whether such a policy is warranted depends on the economic conditions in a complex, non-linear way. The optimal policy cannot be summarized by a simple policy rule of the type considered in the inflation-targeting literature.
主题	International Macroeconomics
关键词	monetary policy Asset prices Credit crunch Taylor rule Bubble New economy
URL	https://cepr.org/publications/dp3385
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/532408
推荐引用方式 GB/T 7714	Jacques-François Thisse,Pierre Picard,Eric Toulemonde. DP3385 Economic Geography and the Role of Profits. 2002.