Asset Prices and Monetary Policy
John Y. Campbell
University of Chicago Press, Nov 15, 2008 - Business & Economics - 392 pages
Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system.
The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.
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3 Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints
4 Inflation Illusion Credit and Asset Prices
5 Learning Macroeconomic Dynamics and the Term Structure of Interest Rates
The Value of Publishing Central Bank Interest Rate Projections
7 The Effect of Monetary Policy on Real Commodity Prices
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aﬀect agents announcement asset price gap bank’s beneﬁts Bernanke bond Brian Sack bubble central bank Clarida coeﬃcient collateral commodity prices consumption deﬁned deviation Dewachter diﬀerent durable dynamics economic eﬀect endpoints equation equilibrium equity prices estimated exchange rate Federal Reserve ﬁgure ﬁnancial accelerator ﬁnancial market ﬁnd ﬁnding ﬁrst ﬂation ﬂexible FOMC forecasts full information Gertler house price households imperfect information implies increase inﬂa inﬂation expectations inﬂation target inﬂuence interest rate projections investors Journal learning macro macroeconomic measure monetary authority monetary policy monetary policy rule money illusion nominal interest rate nondurable Norges Bank optimal output gap parameters payoﬀs percent Phillips curve policymaker price index private sector rational expectations real interest rate real rates reﬂect regression responding strongly response risk shock signiﬁcant speciﬁc stability sticky prices stochastic strongly to inﬂation suﬃcient surprise Taylor rule technology growth term structure tion variables variance volatility yield curve