The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Monetary Policy and Stock Market Boom-Bust Cycles
Open accessAbstract
We explore the dynamic effects of news about a future technology improvement which turns out ex post to be overoptimistic. We find that it is difficult to generate a boom-bust cycle (a period in which stock prices, consumption, investment and employment all rise and then crash) in response to such a news shock, in a standard real business cycle model. However, a monetized version of the model which stresses sticky wages and a Taylorrule based monetary policy naturally generates a welfare-reducing boom-bust cycle in response to a news shock. We explore the possibility that integrating credit growth into monetary policy may result in improved performance. We discuss the robustness of our analysis to alternative specifications of the labor market, in which wage-setting frictions do not distort on going firm/worker relations. JEL Classification: C11, C51, E5, E13, E32
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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
Self-citationEmployment Fluctuations with Equilibrium Wage Stickiness
Hall, R. E. (2005) · American Economic Review · doi:10.1257/0002828053828482 · Cited by 1,439
Cited by
Financial Factors in Economic Fluctuations
Christiano, L. J., Motto, R., & Rostagno, M. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1600166 · Cited by 687
Self-citationAn Estimated Monetary DSGE Model with Unemployment and Staggered Nominal Wage Bargaining
GERTLER, M., SALA, L., & TRIGARI, A. (2008) · Journal of Money, Credit and Banking · doi:10.1111/j.1538-4616.2008.00180.x · Cited by 454
(2013) · Econometrica · doi:10.3982/ecta10008 · Cited by 389
Macroeconomic Modeling for Monetary Policy Evaluation
Galsí, J., & Gertler, M. (2007) · Journal of Economic Perspectives · doi:10.1257/jep.21.4.25 · Cited by 266
Metadata
- Authors
- Christiano, L. J., Ilut, C. L., Motto, R., & Rostagno, M.
- Venue
- SSRN Electronic Journal
- Publisher
- Elsevier BV
- Published
- 2008
- ISSN
- 1556-5068 (ISSN-L)
- OpenAlex
- W2132407399
- Cited by
- 281
- References
- 2
- Type
- posted content
- Language
- en
- Open access
- green
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