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Asset Prices, Nominal Rigidities, and Monetary Policy: Case of Housing Price

Kengo Nutahara

No 17-001E, CIGS Working Paper Series from The Canon Institute for Global Studies

Abstract: Carlstrom and Fuerst (2007) ["Asset Prices, Nominal Rigidities, and Monetary Policy," Review of Economic Dynamics 10, 256-275] find that monetary policy response to share prices is a source of equilibrium indeterminacy in a stickyprice economy. We find that if housing price is a target of a central bank, monetary policy response to asset price is helpful for equilibrium determinacy.

New Economics Papers: this item is included in nep-cba, nep-dge, nep-mac, nep-mon and nep-ure
Date: 2017-01
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