Artikel
Monetary Policy and Asset Price Bubbles: A Nonlinear Policy Rule
The recent debate about asset price bubbles and monetary policy in view of "leaning against the wind" is controversial in economic literature. In this paper we argue that depending on the circumstances there is space for the central bank to lean against financial imbalances. With an optimal bounded control problem in continuous time we have developed an augmented nonlinear Taylor Rule. The main advantage of our formulation is its much greater analytical tractability, which produces distinct results. Even under the assumption of nonlinearities the central bank is in a position to move the interest rate above a threshold value to provide financial stability.
- Sprache
-
Englisch
- Erschienen in
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Journal: Credit and Capital Markets – Kredit und Kapital ; ISSN: 2199-1235 ; Volume: 49 ; Year: 2016 ; Issue: 4 ; Pages: 507-514
- Klassifikation
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Wirtschaft
Monetary Policy
Central Banks and Their Policies
- Thema
-
monetary policy
financial stability
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Mislin, Alexander
- Ereignis
-
Veröffentlichung
- (wer)
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Duncker & Humblot
- (wo)
-
Berlin
- (wann)
-
2016
- DOI
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doi:10.3790/ccm.49.4.507
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Mislin, Alexander
- Duncker & Humblot
Entstanden
- 2016
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