作者：Allen, Franklin; Barlevy, Gadi; Gale, Douglas
作者单位：Imperial College London; Federal Reserve System - USA; Federal Reserve Bank - Chicago; New York University
摘要：Gall (2014) showed that a monetary policy rule that raises rates when bubbles exceed some steady-state benchmark can paradoxically lead to larger deviations from steady state. Nevertheless, this comment shows that a central bank can always dampen a bubble by setting a higher-than-expected rate, although it may have to raise the rate aggressively. This is a different point from the Miao, Shen, and Wang (2019) comment on Gall (2014). They showed that when the central bank targets a different ste...
