| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22639 |
| 来源ID | Working Paper 22639 |
| Monetary Policy for a Bubbly World | |
| Vladimir Asriyan; Luca Fornaro; Alberto Martin; Jaume Ventura | |
| 发表日期 | 2016-09-19 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We propose a model of money, credit and bubbles, and use it to study the role of monetary policy in managing asset bubbles. In this model, bubbles pop up and burst, generating fluctuations in credit, investment and output. Two key insights emerge from the analysis. First, the growth rate of bubbles, which is driven by agents’ expectations, can be set in real or in nominal terms. This gives rise to a novel channel of monetary policy, as changes in the inflation rate affect the real growth rate of bubbles and their effect on economic activity. Crucially, this channel does not rely on contract incompleteness or price rigidities. Second, there is a natural limit on monetary policy’s ability to control bubbles: the zero-lower bound. When a bubble crashes, the economy may enter into a liquidity trap, a regime in which agents shift their portfolios away from bubbles - and the credit that they sustain - to money, reducing intermediation, investment and growth. We explore the implications of the model for the conduct of “conventional” and “unconventional” monetary policy, and we use the model to provide a broad interpretation of salient macroeconomic facts of the last two decades. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w22639 |
| 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/580312 |
| 推荐引用方式 GB/T 7714 | Vladimir Asriyan,Luca Fornaro,Alberto Martin,et al. Monetary Policy for a Bubbly World. 2016. |
| 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 | ||
| w22639.pdf（524KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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