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Asset Prices and Monetary Policy: Some Notes

Cai, Junning - EconWPA - 2003

Three issues regarding asset prices and monetary policy are clarified. First, increases in asset prices due to monetary expansion, despite their “paper” wealth nature, tend to make current consumers as a whole wealthier. Second, the weaker (stronger) effect of monetary policy on investment...

Persistent link: https://www.econbiz.de/10005126230

Should Central Banks Burst Bubbles?

Conlon, John - EconWPA - 2005

Policy towards speculative bubbles is examined in a model of a finite horizon 'greater fool' bubble, with rational … only in 'strong bubbles,', where all private agents know the asset is overpriced, this tends to reduce welfare. This is …

Persistent link: https://www.econbiz.de/10005550948

Fundamental Paper Wealth and Monetary Policy

Cai, Junning - EconWPA - 2003

This paper articulates three insights regarding asset prices and monetary policy: (1) Asset price appreciation due to monetary expansion, despite its “paper” wealth nature, tends to make current consumers as a whole wealthier; (2) the wealth effect of monetary policy (on consumption) is...

Persistent link: https://www.econbiz.de/10005561161

Teoria dei Processi Imitativi e Applicazioni Economiche

Arnone, Marco - EconWPA - 2004

This paper provides a survey of recent theories of herding behaviour, bridging two rather distants strands of literature (roughly, American and European). In the first part of the paper the explanation is based on the idea of asymmetric information and principal-agent approach; these could lead...

Persistent link: https://www.econbiz.de/10005119477

Aufschwung Ost durch öffentliche Wissenschaftseinrichtungen?

Rosner, Ulf; Leßmann, Grit - EconWPA - 2004

für regionalen Wissenstransfer. Der vorliegende Beitrag geht am Beispiel der wissensbasierten Unternehmen Sachsen- Anhalts …

Persistent link: https://www.econbiz.de/10005119031

Knowledge Creation as a Square Dance on the Hilbert Cube

Berliant, Marcus; Fujita, Masahisa - EconWPA - 2004

This paper presents a micro-model of knowledge creation and transfer in a small group of people. Our model incorporates two key aspects of the cooperative process of knowledge creation: (i) heterogeneity of people in their state of knowledge is essential for successful cooperation in the joint...

Persistent link: https://www.econbiz.de/10005062387

Measuring China's Fiscal Policy Stance

Dullien, Sebastian - EconWPA - 2005

deficit or cyclically adjusted budget deficits is misleading in the case of China, since a lot of what usually would be …-cyclical in China over the past two decades. …

Persistent link: https://www.econbiz.de/10005076727

China's Changing Competitive Position: Lessons from a Unit-Labor- Cost-Based REER

Dullien, Sebastian - EconWPA - 2005

This paper calculates a unit labor-cost based real effective exchange rate for China for the period 1987-2002. It …

Persistent link: https://www.econbiz.de/10005124915

China and Neo-liberal Constitutionalism

Killion, M. Ulric - EconWPA - 2004

This article discusses the probability of growth of neoliberalism in modern China and its implications for Chinese … constitutionalism. A China polity under the vision of a neo-liberal regime engenders problems of prescribing a legal system and … historicity of Western liberalism and China's ontological base in tradition, being Confucianism. The historic excesses and abuses …

Persistent link: https://www.econbiz.de/10005124920

Optimal Monetary Policy Rules in A Simple Stochastic Macro Model: China's Evidence

Wang, Shengzu; Guo, Shen - EconWPA - 2005

In this paper we apply a simple macro model to explore and evaluate certain optimal monetary policy rules for China …'s economy. To be more consistent with the central bank (the People's Bank of China)'s behaviour, we use money supply as a …

Persistent link: https://www.econbiz.de/10005126241