G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8555
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
URLhttps://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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