| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15197 |
| DP15197 Asset Bubbles and Inflation as Competing Monetary Phenomena | |
| Guillaume Plantin | |
| 发表日期 | 2021-10-23 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | In a model with multiple price-setting equilibria with varying price rigidity a la Ball and Romer (1991), a central bank using a Taylor rule may inadvertly create asset bubbles instead of reaching its inflation target regardless of the value of the natural rate. These monetary bubbles differ from natural ones in three important ways: i) They do not push up the interest rate no matter their size and thus earn low returns themselves; ii) They burst when inflation picks up; iii) They always crowd out investment by draining resources from the most financially constrained agents. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp15197-2 |
| 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/545602 |
| 推荐引用方式 GB/T 7714 | Guillaume Plantin. DP15197 Asset Bubbles and Inflation as Competing Monetary Phenomena. 2021. |
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