Learning, Monetary Policy and Asset Prices:
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 ch...
Gespeichert in:
| Format: | Elektronisch E-Book |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
20150123
|
| Ausgabe: | Airaudo, Marco ; Nistic�, Salvatore ; Zanna, Luis-Felipe ed |
| Schriftenreihe: | IMF Working Papers
Working Paper No. 15/16 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (34 p) |
| ISBN: | 1498343465 9781498343466 |
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| index_date | 2024-07-03T20:13:36Z |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Learning, Monetary Policy and Asset Prices Airaudo, Marco ; Nistic�, Salvatore ; Zanna, Luis-Felipe ed Washington, D.C International Monetary Fund 20150123 1 Online-Ressource (34 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 15/16 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 Online-Ausg http://www.elibrary.imf.org/view/IMF001/22278-9781498343466/22278-9781498343466/22278-9781498343466.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Learning, Monetary Policy and Asset Prices |
| title | Learning, Monetary Policy and Asset Prices |
| title_auth | Learning, Monetary Policy and Asset Prices |
| title_exact_search | Learning, Monetary Policy and Asset Prices |
| title_exact_search_txtP | Learning, Monetary Policy and Asset Prices |
| title_full | Learning, Monetary Policy and Asset Prices |
| title_fullStr | Learning, Monetary Policy and Asset Prices |
| title_full_unstemmed | Learning, Monetary Policy and Asset Prices |
| title_short | Learning, Monetary Policy and Asset Prices |
| title_sort | learning monetary policy and asset prices |
| url | http://www.elibrary.imf.org/view/IMF001/22278-9781498343466/22278-9781498343466/22278-9781498343466.xml |