| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w26833
|
| 来源ID | Working Paper 26833
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| Robustly Optimal Monetary Policy in a New Keynesian Model with Housing |
| Klaus Adam; Michael Woodford
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| 发表日期 | 2020-03-09
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| 出版年 | 2020
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| 语种 | 英语
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| 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
|
| URL | https://www.nber.org/papers/w26833
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584506
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推荐引用方式
GB/T 7714 |
Klaus Adam,Michael Woodford. Robustly Optimal Monetary Policy in a New Keynesian Model with Housing. 2020.
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文件名：
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w26833.pdf
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格式：
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Adobe PDF
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