Monetary policy and stock price dynamics with limited asset market participation

被引：5
|
作者：
Airaudo, Marco [1 ]
机构：
[1] Drexel Univ, Dept Econ, LeBow Coll Business, 3600 Market St, Philadelphia, PA 19146 USA
来源：
JOURNAL OF MACROECONOMICS | 2013年 / 36卷
关键词：
Stock prices; Rule of thumb consumers; Limited asset markets participation; Learning; Expectational stability; Interest rate rules; Multiple equilibria; Determinacy; OF-THUMB CONSUMERS; DETERMINACY; ELASTICITY;
D O I：
10.1016/j.jmacro.2013.01.003
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study a New-Keynesian DSGE model subject to limited asset market participation (LAMP) and assess whether monetary policy should respond to stock prices for what concerns the determinacy and the learnability (E-stability) of the Rational Expectations Equilibrium (REE). We find that interest rate rules granting a positive response to stock prices facilitate both the determinacy and the E-stability of the fundamental REE when the degree of LAMP is sufficiently large to generate an inverted aggregate demand channel of monetary policy transmission. Moreover, according to our analysis, policy rules responding to stock prices appear to perform better than more standard rules responding to output with respect to both equilibrium determinacy and aggregate welfare. (C) 2013 Elsevier Inc. All rights reserved.
引用
收藏
页码：1 / 22
页数：22
相关论文
共 50 条
12345