Monetary policy, stock prices, and consumption externalities

被引：0
|
作者：
Airaudo, Marco [1 ]
机构：
[1] Drexel Univ, Dept Econ, LeBow Coll Business, 3600 Market St, Philadelphia, PA 19146 USA
来源：
ECONOMICS LETTERS | 2013年 / 120卷 / 03期
关键词：
Consumption externalities; New-Keynesian model; Stock prices; Monetary policy; Determinacy; REAL WAGE RIGIDITY; ASSET PRICES; FRICTIONS; JONESES;
D O I：
10.1016/j.econlet.2013.06.015
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study interest rate rules responding to stock prices in a sticky-price sticky-wage New-Keynesian framework subject to consumption externalities. For given wage rigidity, such rules are beneficial to equilibrium determinacy if households' preferences feature sufficiently strong keeping-up-with-the-Joneses externalities. (C) 2013 Elsevier B.V. All rights reserved.
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页码：537 / 541
页数：5
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