The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Monetary Policy and Rational Asset Price Bubbles
Open accessAbstract
I examine the impact of alternative monetary policy rules on a rational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to enhance the fluctuations in the latter, through its positive effect on bubble growth. The optimal monetary policy seeks to strike a balance between stabilization of the bubble and stabilization of aggregate demand. The paper's main findings call into question the theoretical foundations of the case for “leaning against the wind” monetary policies. (JEL E13, E32, E44, E52, G12)
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Citations
Cites
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
Cited by
A Model of Secular Stagnation: Theory and Quantitative Evaluation
Eggertsson, G. B., Mehrotra, N. R., & Robbins, J. A. (2019) · American Economic Journal: Macroeconomics · doi:10.1257/mac.20170367 · Cited by 405
Martin, A., & Ventura, J. (2012) · American Economic Review · doi:10.1257/aer.102.6.3033 · Cited by 373
Can non-interest rate policies stabilize housing markets? Evidence from a panel of 57 economies
Kuttner, K. N., & Shim, I. (2016) · Journal of Financial Stability · doi:10.1016/j.jfs.2016.07.014 · Cited by 339
Metadata
- Authors
- Galí, J.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2014-03-01
- Volume
- 104
- Issue
- 3
- Pages
- 721-752
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2124720976
- Cited by
- 329
- References
- 1
- FWCI
- 78.68
- Type
- journal article
- Language
- en
- Open access
- green
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
