| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7397 |
| DP7397 Expectations, Deflation Traps and Macroeconomic Policy | |
| Seppo Honkapohja; George W. Evans | |
| 发表日期 | 2009-08-09 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We develop a DSGE model in which monetary policy generates endogenous movements in risk. The key feature of our model is that households rebalance their financial portfolio allocations infrequently, as they face a fixed cost of transferring cash across accounts. We show that the model can account for the mean returns on equity and the risk-free rate,and generates countercyclical movements in the equity premium that help explain the response of stock prices to monetary shocks. While stimulative monetary policy can lower risk in equity markets, it is also associated with higher inflation expectations and inflation risk premia. The model gives rise to periods in which the zero lower bound constraint on the nominal interest rate binds and demand for liquidity jumps, leading to procyclical movements in velocity. |
| 主题 | International Macroeconomics |
| 关键词 | Equity premium monetary policy Velocity |
| URL | https://cepr.org/publications/dp7397 |
| 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/536234 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,George W. Evans. DP7397 Expectations, Deflation Traps and Macroeconomic Policy. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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