Asset bubbles and monetary policy

被引：28

作者：

Dong, Feng ^{[1
]}

Miao, Jianjun ^{[2
]}

Wang, Pengfei ^{[3
,4
]}

机构：

[1] Tsinghua Univ, Sch Econ & Management, Beijing, Peoples R China

[2] Boston Univ, Dept Econ, 270 Bay State Rd, Boston, MA 02215 USA

[3] Hong Kong Univ Sci & Technol, Dept Econ, Hong Kong, Peoples R China

[4] Peking Univ, HSBC Business Sch, Beijing, Peoples R China

来源：

REVIEW OF ECONOMIC DYNAMICS | 2020年 / 37卷

基金：

中国国家自然科学基金;

关键词：

Asset bubble; Monetary policy; Dynamic new Keynesian model; Credit constraints; Multiple equilibria; Sentiment; GROWTH; MODEL; PRICES; BANKS;

D O I：

10.1016/j.red.2020.06.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We provide a model of rational bubbles in a DNK framework. Entrepreneurs are heterogeneous in investment efficiency and face credit constraints. They can trade bubble assets to raise their net worth. The bubble assets command a liquidity premium and can have a positive value. Monetary policy affects the conditions for the existence of a bubble, its steady-state size, and its dynamics including the initial size. The leaning-against-the-wind interest rate policy reduces bubble volatility, but could raise inflation volatility. Whether monetary policy should respond to asset bubbles depends on the particular interest rate rule and exogenous shocks. (C) 2020 Elsevier Inc. All rights reserved.

引用

页码：S68 / S98

页数：31

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