G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14887
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
URLhttps://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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