Monetary policy and asset prices

• 成果类型: Article
• 署名作者: Gilchrist, S; Leahy, JV
• 署名单位: Boston University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(01)00093-9
• 发表日期: 2002
• 页码: 75-97
• 关键词: Monetary policy; asset prices

摘要

The first part of this paper surveys the literature on asset prices and monetary policy. We then consider the appropriate policy response to two types of shocks that are associated with how asset prices affect the economy. The first set of shocks are the ones whose primary impact lies in the future. These shocks affect the economy and asset prices through expectations of future growth. The second set are shocks to net worth which directly impact the ability of firms to borrow and for consumers to lend. (C) 2002 Elsevier Science B.V. All rights reserved.