Soft landing in a Markov-switching economy

被引：1
|
作者：
Alexandre, Fernando [2 ]
Bacao, Pedro [1 ]
Gabriel, Vasco [3 ]
机构：
[1] Univ Coimbra, Fac Econ, P-3004512 Coimbra, Portugal
[2] Univ Minho, P-4719 Braga, Portugal
[3] Univ Surrey, Guildford GU2 5XH, Surrey, England
来源：
ECONOMICS LETTERS | 2010年 / 107卷 / 02期
关键词：
Asset prices; Monetary policy; Markov-switching;
D O I：
10.1016/j.econlet.2010.01.015
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We analyse the monetary policy implications of boom bust cycles in asset prices using a Markov-switching rational expectations model. In our simulations, when a bubble bursts, the Taylor rule fails to achieve a soft landing, contrary to the optimal policy. (C) 2010 Elsevier B.V. All rights reserved.
引用
收藏
页码：169 / 172
页数：4
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