| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16386 |
| 来源ID | Working Paper 16386 |
| Monetary Policy, Doubts and Asset Prices | |
| Pierpaolo Benigno; Luigi Paciello | |
| 发表日期 | 2010-09-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Asset prices and the equity premium might reflect doubts and pessimism. Introducing these features in an otherwise standard New-Keynesian model changes in a quite substantial way the nature of the policy that maximizes the welfare of the consumers in the model. First, following productivity shocks, optimal policy in this model is more accommodating than in a standard New-Keynesian model, and may even inflate the equity premium. Second, asset-price movements improve the inflation-output trade-off so that average output can rise without increasing much average inflation. Finally, a strict inflation-targeting policy may result in lower average welfare than a more flexible inflation-targeting policy, which instead increases the comovements between inflation, asset prices and output growth. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w16386 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574061 |
| 推荐引用方式 GB/T 7714 | Pierpaolo Benigno,Luigi Paciello. Monetary Policy, Doubts and Asset Prices. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16386.pdf（394KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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