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Asset Price Bubbles and Central Bank Policies : The Crash of the 'Jackson Hole Consensus'
Malliaris, A. (Tassos) G. - 2011
This paper reexamines the main arguments of whether or not monetary policy should respond to asset bubbles. The … encourages “leaning against bubbles” and giving due consideration to alternative tools other than interest rate policy tools …
Persistent link: https://www.econbiz.de/10013119617
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Bank of Japan's exchange-traded fund purchases as an unprecedented monetary easing policy
Shirai, Sayuri - 2018
This paper highlights exchange-traded funds (ETF) purchases conducted by the Bank of Japan under Quantitative and Qualitative Monetary Easing with Yield Curve Control. The policy to indirectly purchase stocks is unprecedented in terms of the scale and duration among major central banks. The...
Persistent link: https://www.econbiz.de/10011894177
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Should Central Banks Prick Asset Price Bubbles? An Analysis Based on a Financial Accelerator Model with an Agent-Based Financial Market
Vasilenko, Alexey - 2018
This paper studies whether and how the central bank should prick asset price bubbles, if the effect of interest rate … policy on bubbles can significantly vary across periods. For this purpose, I first construct a financial accelerator model … with an agent-based financial market that can endogenously generate bubbles and account for their impact on the real sector …
Persistent link: https://www.econbiz.de/10012932004
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Asset Price Booms and Monetary Policy
Detken, Carsten; Smets, Frank - 2021
The paper aims at deriving some stylised facts for financial, real, and monetary policy developments during asset price booms. We observe various macroeconomic variables in a pre-boom, boom and post-boom phase. Not all booms lead to large output losses. We analyse the differences between...
Persistent link: https://www.econbiz.de/10013319333
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Monetary policy and mispricing in stock markets
Beckers, Benjamin; Bernoth, Kerstin - 2016
asset pricing in line with rational bubbles. We show that the response of the excessive stock price component to a monetary …
Persistent link: https://www.econbiz.de/10011526074
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To Lean or not to Lean against An Asset Price Bubble? Empirical Evidence
Evgenidis, Anastasios; Malliaris, A. (Tassos) G. - 2023
appropriate role of monetary policy towards equity bubbles. This paper contributes to these deliberations by estimating the …, economists are reconsidering the appropriate role of monetary policy towards equity bubbles. This paper contributes to these …
Persistent link: https://www.econbiz.de/10014256864
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Asset Prices and the Financial Crisis of 2007-09 : An Overview of Theories and Policies
Malliaris, A. (Tassos) G. - 2011
role of monetary and financial regulatory policy in dealing with asset bubbles. The paper concludes by evaluating …
Persistent link: https://www.econbiz.de/10013131099
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Quantitative Easing and Asset Bubbles in a Stock-Flow Consistent Framework
Haas, Cameron - 2018
Economics with equations for quantitative easing and endogenous bubbles in a new model. By running the model under a variety of …
Persistent link: https://www.econbiz.de/10012930464
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Optimal Macroprudential Policy and Asset Price Bubbles
Biljanovska, Nina - 2019
that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the …
Persistent link: https://www.econbiz.de/10012862442
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Deflating Asset Price Bubbles with Leverage Constraints and Monetary Policy
Fenig, Guidon - 2018
We develop an experimental production economy to study the general equilibrium and welfare effects of speculation and stabilization policies. Participants playing the role of household-investors interact in labor, output, and, in some treatments, asset markets. Without the ability to trade...
Persistent link: https://www.econbiz.de/10012933915