| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9355 |
| DP9355 Monetary Policy and Rational Asset Price Bubbles | |
| Jordi Gali | |
| 发表日期 | 2013-02-17 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | I examine the impact of alternative monetary policy rules on a rational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to enhance the fluctuations in the latter, through its positive effect on bubble growth. The optimal monetary policy seeks to strike a balance between stabilization of the bubble and stabilization of aggregate demand. The paper's main findings call into question the theoretical foundations of the case for "leaning against the wind" monetary policies. |
| 主题 | International Macroeconomics |
| 关键词 | Asset price volatility Leaning against the wind policies Monetary policy rules Stabilization policies |
| URL | https://cepr.org/publications/dp9355 |
| 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/538190 |
| 推荐引用方式 GB/T 7714 | Jordi Gali. DP9355 Monetary Policy and Rational Asset Price Bubbles. 2013. |
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