Asset Prices, Nominal Rigidities, and Monetary Policy: Case of Housing Price
No 17-001E, CIGS Working Paper Series from The Canon Institute for Global Studies
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.
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