用货币政策管理实验性资产市场的泡沫

IF 16.4 1区 化学 Q1 CHEMISTRY, MULTIDISCIPLINARY
MYRNA HENNEQUIN, CARS HOMMES
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引用次数: 0

摘要

我们在一个学习预测实验中研究了“逆风”货币政策对资产价格泡沫的影响,其中价格是由市场参与者的预期驱动的。我们发现,强烈的利率反应可以成功地防止或缩小巨大的价格泡沫,而弱反应则不然。提供利率变化信息,沟通政策目标,增强预期协调,起到稳定作用。当稳态基本价格未知,利率规则基于代理时,政策效果较差
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Managing Bubbles in Experimental Asset Markets with Monetary Policy

Managing Bubbles in Experimental Asset Markets with Monetary Policy

We study the effect of a “leaning against the wind” monetary policy on asset price bubbles in a learning-to-forecast experiment, where prices are driven by the expectations of market participants. We find that a strong interest rate response is successful in preventing or deflating large price bubbles, while a weak response is not. Giving information about the interest rate changes and communicating the goal of the policy increases coordination of expectations and has a stabilizing effect. When the steady-state fundamental price is unknown and the interest rate rule is based on a proxy instead, the policy is less effective.

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来源期刊
Accounts of Chemical Research
Accounts of Chemical Research 化学-化学综合
CiteScore
31.40
自引率
1.10%
发文量
312
审稿时长
2 months
期刊介绍: Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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