Learning, monetary policy and asset prices /
Saved in:
| Author / Creator: | Airaudo, Marco, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2015. |
| Description: | 1 online resource (34 pages) : illustrations |
| Language: | English |
| Series: | IMF working paper, 1018-5941 ; WP/15/16 IMF working paper ; WP/15/16. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12504240 |
MARC
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| 050 | 4 | |a HG3881.5.I58 |b W67 No. 15/16eb | |
| 100 | 1 | |a Airaudo, Marco, |e author. |0 http://id.loc.gov/authorities/names/n2006021040 | |
| 245 | 1 | 0 | |a Learning, monetary policy and asset prices / |c prepared by Marco Airaudo, Salvatore Nisticò and Luis-Felipe Zanna. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2015. | ||
| 300 | |a 1 online resource (34 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper, |x 1018-5941 ; |v WP/15/16 | |
| 500 | |a "January 2015." | ||
| 500 | |a "Research Department." | ||
| 504 | |a Includes bibliographical references (pages 31-33). | ||
| 520 | |a 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.--Abstract. | ||
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed January 29, 2015). | |
| 650 | 0 | |a Monetary policy |x Econometric models. | |
| 650 | 0 | |a Stocks |x Prices |x Econometric models. | |
| 650 | 0 | |a Interest rates |x Econometric models. | |
| 650 | 0 | |a Consumption (Economics) |x Econometric models. | |
| 650 | 0 | |a Cost and standard of living |x Econometric models. | |
| 650 | 0 | |a Computable general equilibrium models. |0 http://id.loc.gov/authorities/subjects/sh2012003734 | |
| 650 | 6 | |a Politique monétaire |x Modèles économétriques. | |
| 650 | 6 | |a Actions (Titres de société) |x Prix |x Modèles économétriques. | |
| 650 | 6 | |a Taux d'intérêt |x Modèles économétriques. | |
| 650 | 6 | |a Coût et niveau de la vie |x Modèles économétriques. | |
| 650 | 6 | |a Modèles d'équilibre général calculable. | |
| 650 | 7 | |a Computable general equilibrium models. |2 fast |0 (OCoLC)fst01893325 | |
| 650 | 7 | |a Consumption (Economics) |x Econometric models. |2 fast |0 (OCoLC)fst00876457 | |
| 650 | 7 | |a Cost and standard of living |x Econometric models. |2 fast |0 (OCoLC)fst00880679 | |
| 650 | 7 | |a Interest rates |x Econometric models. |2 fast |0 (OCoLC)fst00976180 | |
| 650 | 7 | |a Monetary policy |x Econometric models. |2 fast |0 (OCoLC)fst01025234 | |
| 655 | 0 | |a Electronic books. | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Nistico, Sal, |e author. |0 http://id.loc.gov/authorities/names/n85009607 | |
| 700 | 1 | |a Zanna, Luis-Felipe. |0 http://id.loc.gov/authorities/names/n2004107336 | |
| 710 | 2 | |a International Monetary Fund. |b Research Department. |0 http://id.loc.gov/authorities/names/n77001219 | |
| 830 | 0 | |a IMF working paper ; |v WP/15/16. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2015/016/001.2015.issue-016-en.xml |y INTERNATIONAL MONETARY FUND |
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