G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15163
DP15163 Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect
Ricardo Caballero; Alp Simsek
发表日期2020-08-13
出版年2020
语种英语
摘要We analyze optimal monetary policy when asset prices influence aggregate demand with a lag (as is well documented). In this context, as long as the central bank's main objective is to minimize the output gap, the central bank optimally induces asset price overshooting in response to the emergence of a negative output gap. In fact, even if there is no output gap in the present but the central bank anticipates a weak recovery dragged down by insufficient demand, the optimal policy is to preemptively support asset prices today. This support is stronger if the acute phase of the recession is expected to be short lived. These dynamic aspects of optimal policy give rise to potentially large temporary gaps between the performance of financial markets and the real economy. One vivid example of this situation is the wide disconnect between the main stock market indices and the state of the real economy in the U.S. following the Fed's powerful response to the Covid-19 shock.
主题Financial Economics ; Monetary Economics and Fluctuations
关键词monetary policy Output gap Asset prices Overshooting Wall/main street disconnect Covid-19
URLhttps://cepr.org/publications/dp15163
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/544131
推荐引用方式
GB/T 7714
Ricardo Caballero,Alp Simsek. DP15163 Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect. 2020.
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