| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15163 |
| 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 |
| URL | https://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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