are "highly complementary and mutually consistent objectives" in a flexible inflation targeting regime which - dictates … inflation. - (BG, 1999, p.18). This conclusion is straightforward within the variant of the NK-DSGE framework used by BG in … which asset inflation shows up as a factor "augmenting" the IS curve. In the present paper, we pursue a different modelling …

straightforward channels. The result is a macroeconomic model that allows for the endogenous development of stock price bubbles. Even …

price inflation. A theoretical framework of asset pricing based on the ideas of Keynes and Minsky is developed, within which … the working of the instruments is demonstrated and analyzed. It is shown that in theory both instruments are able to … reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial …

price inflation. A theoretical framework of asset pricing based on the ideas of Keynes and Minsky is developed, within which … the working of the instruments is demonstrated and analyzed. It is shown that in theory both instruments are able to … reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial …

price inflation. A theoretical framework of asset pricing based on the ideas of Keynes and Minsky is developed, within which … the working of the instruments is demonstrated and analyzed. It is shown that in theory both instruments are able to … reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial …

price inflation. A theoretical framework of asset pricing based on the ideas of Keynes and Minsky is developed, within which … the working of the instruments is demonstrated and analyzed. It is shown that in theory both instruments are able to … reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial …

of restrictive monetary policy shocks coincides with the phase of the business cycle in which bubbles arise …

This paper proposes and tests a theory of credit-driven asset bubbles which are neutral in their real effects. When a … output comes from an unusual regime. -- Bubbles ; fiscal theory of the price level ; collateral constraints ; neutrality … asset bubbles can form which exactly offset a bubble in household liabilities. Surprisingly, evidence from a VAR using long …

on prices, risk premia, asset price bubbles, and financial stability. Bubble risk premia arise from an interaction … adjusted risk and bubble risk premia increase. We propose a new framework for monetary policy with respect to bubbles. What …/pessimists). Accommodative policy can lead to a larger fraction of trading constrained agents that disagree, larger bubbles, and increased …