| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14887 |
| DP14887 Monetary Policy and Bubbles in New Keynesian Model with Overlapping Generations | |
| Jordi Gali | |
| 发表日期 | 2020-06-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | I analyze an extension of the New Keynesian model that features overlapping generations of finitely-lived agents and (stochastic) transitions to inactivity. In contrast with the standard model, the proposed framework allows for the existence of rational expectations equilibria with asset price bubbles. I study the conditions under which bubble-driven fluctuations may emerge and the type of monetary policy rules that may prevent them. I conclude by discussing some of the model's welfare implications. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Monetary policy rules Stabilization policies Asset price volatility Economic fluctuations |
| URL | https://cepr.org/publications/dp14887 |
| 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/543826 |
| 推荐引用方式 GB/T 7714 | Jordi Gali. DP14887 Monetary Policy and Bubbles in New Keynesian Model with Overlapping Generations. 2020. |
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