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...

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Bibliographic details
Volume: 46
Main Author: KENGO NUTAHARA
Format: Journal Article
Language: English
Zielgruppe: Academic
Place of publication: HOBOKEN Wiley Subscription Services 01.06.2014
WILEY-BLACKWELL
Wiley Subscription Services, Inc
published in: Journal of money, credit and banking Vol. 46; no. 4; pp. 817 - 836
Data of publication: 20140601
ISSN: 0022-2879
1538-4616
EISSN: 1538-4616
Discipline: Economics
Business
Bibliography: 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).
Subjects:
E52
E44
E32
E52
E44
E32
Online Access: Fulltext
Database: Social Sciences Citation Index
Web of Science - Social Sciences Citation Index - 2014
Web of Knowledge
Web of Science
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Academic OneFile (A&I only)
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