What Asset Prices Should Be Targeted by a Central Bank?
This paper investigates the monetary policy design for restoring equilibrium determinacy. Our interests are whether a central bank should respond to asset price fluctuations, and if so, what asset prices should be targeted. We show that a monetary policy response to the price of a productive tangibl...
|Main Author:||KENGO NUTAHARA|
|Place of publication:||
HOBOKEN Wiley Subscription Services 01.06.2014
Wiley Subscription Services, Inc
|published in:||Journal of money, credit and banking Vol. 46; no. 4; pp. 817 - 836|
|Data of publication:||20140601|
I would like to thank Susumu Cato, Julen Esteban‐Pretel, Masaru Inaba, Hidehiko Ishihara, Ryo Jinnai, Minoru Kitahara, Keiichiro Kobayashi, Tarishi Matsuoka, Toshihiko Mukoyama, Tsutomu Miyagawa, Masaya Sakuragawa, Daichi Shirai, Shiba Suzuki, Tomoaki Yamada, and the seminar participants at Keio University, Meiji University, Okinawa International University, Tokyo Metropolitan University, Development Bank of Japan, and the 2nd Meeting on Applied Economics and Data Analysis. I am also grateful to Pok‐sang Lam (editor) and two anonymous referees for their helpful comments and suggestions. Of course, all remaining errors are mine. This work was supported by a Grant‐in‐Aid for Young Scientists (B) (JSPS KAKENHI Grant Number 24730171).
|Database:||Social Sciences Citation Index
Web of Science - Social Sciences Citation Index - 2014
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