| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8555 |
| DP8555 Asset Market Participation, Monetary Policy Rules and the Great Inflation | |
| Florin Bilbiie; Roland Straub | |
| 发表日期 | 2011-09-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price DSGE model, whereby at low enough asset market participation, standard aggregate demand logic is inverted: interest rate increases become expansionary. Thereby, a passive monetary policy rule ensures equilibrium determinacy and maximizes welfare, suggesting that Federal Reserve policy in the pre-Volcker era was better than conventional wisdom suggests. We provide empirical evidence consistent with this hypothesis, and study the relative merits of changes in structure and shocks for reproducing the conquest of the Great Inflation and the Great Moderation. |
| 主题 | International Macroeconomics |
| 关键词 | Great inflation Great moderation Limited asset markets participation Passive monetary policy rules Aggregate demand Real (in)determinacy Bayesian estimation |
| URL | https://cepr.org/publications/dp8555 |
| 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/537392 |
| 推荐引用方式 GB/T 7714 | Florin Bilbiie,Roland Straub. DP8555 Asset Market Participation, Monetary Policy Rules and the Great Inflation. 2011. |
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