泡沫、银行和货币政策

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2025-02-01 DOI:10.1016/j.jfs.2024.101362

Jae Hun Shim

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引用次数: 0

摘要

本文提出了一个具有理性风险调整资产泡沫和银行的定量宏观经济模型。该模型的特点是金融市场结构不完善，允许银行内部出现资产泡沫。我们揭示了资产泡沫的突然破裂通过银行体系导致经济衰退的渠道，并评估了与泡沫波动和福利相关的“逆风”货币政策。我们的主要发现要求货币政策规则先发制人地稳定中间资产价格，而不是泡沫。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Bubbles, banking and monetary policy

This paper lays out a quantitative macroeconomic model with rational risk-adjusted asset bubbles and banks. The model features an imperfect financial market structure and allows bubble assets within banks. We shed light on the channels by which a sudden burst of asset bubbles leads to a recession through the banking system and evaluate “leaning against the wind” monetary policy associated with bubble volatility and welfare. Our main findings call for monetary policy rules to preemptively stabilize intermediate asset prices rather than the bubbles.

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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.