Berger, Wolfram; Kissmer, Friedrich - In: Frontiers in Finance and Economics 6 (2009) 1, pp. 155-174
In this paper we explore the optimal policy reaction to an asset price boom. Empirical evidence shows that the monetary policy stance is typically loose during asset price booms. Emplying a modified New Keneysian sticky price model we show that this policy of leaning with the wind can be...
