用货币政策管理实验性资产市场的泡沫

IF 1.2 3区 经济学 Q3 BUSINESS, FINANCE
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
CiteScore
2.90
自引率
6.70%
发文量
98
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