Monetary Policy and Rational Asset Price Bubbles: Comment
成果类型：
Article
署名作者：
Miao, Jianjun; Shen, Zhouxiang; Wang, Pengfei
署名单位：
Boston University; Southwestern University of Finance & Economics - China; Central University of Finance & Economics; Hong Kong University of Science & Technology
刊物名称：
AMERICAN ECONOMIC REVIEW
ISSN/ISSBN：
0002-8282
DOI：
10.1257/aer.20180145
发表日期：
2019
页码：
1969-1990
关键词：
摘要：
We revisit Gali's (2014) analysis by extending his model to incorporate persistent bubble shocks. We find that, under adaptive learning, a stable bubbly steady state and the associated sunspot solutions under optimal monetary policy are not E-stable. When deriving the unique forward-looking minimum stable variable (MSV) solution around an unstable bubbly steady state, we obtain results that are consistent with the conventional views: leaning against the wind policy reduces bubble volatility and is optimal. Such a steady state and the associated MSV solution are E-stable.