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e-book

Learning, Monetary Policy and Asset Prices (Cód: 9585560)

Marco Airaudo; Salvatore Nisticò

INTERNATIONAL MONETARY FUND

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Learning, Monetary Policy and Asset Prices

R$19,29

Descrição

We explore the stability properties of interest rate rules granting an explicit response to stock prices in a New-Keynesian DSGE model populated by Blanchard-Yaari non-Ricardian households. The constant turnover between long-time stock holders and asset-poor newcomers generates a financial wealth channel where the wedge between current and expected future aggregate consumption is affected by the market value of financial wealth, making stock prices non-redundant for the business cycle. We find that if the financial wealth channel is sufficiently strong, responding to stock prices enlarges the policy space for which the rational expectations equilibrium is both determinate and learnable (in the E-stability sense of Evans and Honkapohja, 2001). In particular, the Taylor principle ceases to be necessary and also mildly passive policy responses to inflation lead to determinacy and E-stability. Our results appear to be more prominent in economies characterized by a lower elasticity of substitution across differentiated products and/or more rigid labor markets.

Características

Peso 0.00 Kg
Produto sob encomenda Não
Marca INTERNATIONAL MONETARY FUND
Número de Páginas 34 (aproximado)
Idioma 337
Acabamento e-book
Territorialidade Internacional
Formato Livro Digital Epub
Gratuito Não
Proteção Drm Sim
Tamanho do Arquivo 2747
Início da Venda 23/01/2015
Código do Formato Epub
Cód. Barras 9781498343725
Ano da Publicação 115
AutorMarco Airaudo; Salvatore Nisticò