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  • 标题:Asset Prices, Nominal Rigidities, and Monetary Policy: Role of Price Indexation
  • 本地全文:下载
  • 作者:Kengo Nutahara
  • 期刊名称:Theoretical Economics Letters
  • 印刷版ISSN:2162-2078
  • 电子版ISSN:2162-2086
  • 出版年度:2013
  • 卷号:3
  • 期号:3
  • 页码:182-187
  • DOI:10.4236/tel.2013.33030
  • 出版社:Scientific Research Publishing
  • 摘要:A recent paper by Carlstrom and Fuerst [“Asset Prices, Nominal Rigidities, and Monetary Policy,” Review of Economic Dynamics, Vol. 10, 2007, pp. 256-275] finds that monetary policy response to share prices is a source of equilibrium indeterminacy because an increase in inflation implies a high real marginal cost and low share prices in a sticky-price economy. We find that if the New Keynesian Phillips curve has a lagged inflation term caused by price indexation, this effect is weakened. Moreover, equilibrium indeterminacy caused by the monetary policy response to share prices never arises if all the firms that cannot re-optimize their prices follow price indexation.
  • 关键词:Asset Prices; Monetary Policy; Equilibrium Determinacy; Price Indexation
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