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来源类型Working Paper
规范类型报告
DOI10.3386/w26833
来源IDWorking Paper 26833
Robustly Optimal Monetary Policy in a New Keynesian Model with Housing
Klaus Adam; Michael Woodford
发表日期2020-03-09
出版年2020
语种英语
摘要We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. With rational private sector expectations about housing prices and inflation, optimal monetary policy can be characterized by a standard “target criterion” in terms of inflation and the output gap, that makes no reference to housing prices. If instead the policymaker is concerned with potential departures of private sector expectations from rational ones, and seeks a policy that is robust against such possible departures, then the optimal target criterion will also depend on housing prices. For empirically realistic cases, robustness requires the central bank to “lean against” housing prices, i.e., to adopt a stance that is projected to undershoot (overshoot) its normal targets for inflation and the output gap following unexpected housing price increases (decreases). Notably, robustly optimal policy does not require that the central bank distinguish between “fundamental” and “non-fundamental” movements in housing prices.
主题Microeconomics ; Mathematical Tools ; Macroeconomics ; Monetary Policy
URLhttps://www.nber.org/papers/w26833
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/584506
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Klaus Adam,Michael Woodford. Robustly Optimal Monetary Policy in a New Keynesian Model with Housing. 2020.
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