G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8804
DP8804 Monetary Policy Transmission in a Model with Animal Spirits and House Price Booms and Busts
Peter Bofinger; Eric Mayer
发表日期2012
出版年2012
语种英语
摘要Can monetary policy trigger pronounced boom-bust cycles in house prices and create persistent business cycles? We address this question by building heuristics into an otherwise standard DSGE model. As a result, monetary policy sets off waves of optimism and pessimism ('animal spirits') that drive house prices, which, in turn, have strong repercussions on the business cycle. We compare our findings to a standard model with rational expectations by means of impulse responses. We suggest that a standard Taylor rule is not well-suited to maintain macroeconomic stability. Instead, an augmented rule that incorporates house prices is shown to be superior.
主题International Macroeconomics
关键词monetary policy Animal spirits Housing markets
URLhttps://cepr.org/publications/dp8804
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/537628
推荐引用方式
GB/T 7714
Peter Bofinger,Eric Mayer. DP8804 Monetary Policy Transmission in a Model with Animal Spirits and House Price Booms and Busts. 2012.
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