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The Evolving Nature of Asset Price Bubbles, Financial Instability and Monetary Policy

Malliaris, A. (Tassos) G. - 2019

This paper links the bursting of the housing asset price bubble around 2007 in the U.S. to the instability that arose in financial markets with the bankruptcy of Lehman Brothers in September 2008, and both of these to the Great Recession and the unconventional monetary policy that followed....

Persistent link: https://www.econbiz.de/10012897514

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

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

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

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

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

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

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

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

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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