Asset Bubbles and Monetary Policy

主讲人: 王鹏飞


主持人: 周颖刚

We provide a model of rational bubbles in a DNK framework. Entrepreneurs are heteroge-neous in investment efficiency and face credit constraints. They can trade bubble assets to raise their net worth. The bubble assets command a liquidity premium and can have a positive value. Monetary policy affects the conditions for the existence of a bubble, its steady-state size, and its dynamics including the initial size. The leaning-against-the-wind interest rate policy reduces bubble volatility, but could raise inflation volatility. Whether monetary policy should respond to asset bubbles depends on the particular interest rate rule and exogenous shocks.

时间: 2018-05-29(Tuesday)16:40-18:10
地点: 经济楼N302
期数: 厦门大学金融经济学系列讲座2018春第六讲 (总第46讲)
主办单位: 厦门大学经济学院、王亚南经济研究院
承办单位: 厦门大学经济学院金融系
类型: 系列讲座