Monetary Policy and Rational Asset Price Bubbles: Comment

被引：21
|
作者：
Miao, Jianjun [1 ,2 ,3 ]
Shen, Zhouxiang [1 ]
Wang, Pengfei [4 ]
机构：
[1] Boston Univ, Dept Econ, 270 Bay State Rd, Boston, MA 02215 USA
[2] Southwestern Univ Finance & Econ, ICFS, Chengdu, Sichuan, Peoples R China
[3] Cent Univ Finance & Econ, CEMA, Beijing, Peoples R China
[4] Hong Kong Univ Sci & Technol, Dept Econ, Clear Water Bay, Hong Kong, Peoples R China
来源：
AMERICAN ECONOMIC REVIEW | 2019年 / 109卷 / 05期
关键词：
D O I：
10.1257/aer.20180145
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We revisit Gali's (2014) analysis by extending his model to incorporate persistent bubble shocks. We find that, under adaptive learning, a stable bubbly steady state and the associated sunspot solutions under optimal monetary policy are not E-stable. When deriving the unique forward-looking minimum stable variable (MSV) solution around an unstable bubbly steady state, we obtain results that are consistent with the conventional views: leaning against the wind policy reduces bubble volatility and is optimal. Such a steady state and the associated MSV solution are E-stable.
引用
收藏
页码：1969 / 1990
页数：22
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