期刊名称：International Journal of Economics and Finance
印刷版ISSN：1916-971X
电子版ISSN：1916-9728
出版年度：2014
卷号：3
期号：2
页码：34
DOI：10.5539/ijef.v3n2p34
语种：English
出版社：Canadian Center of Science and Education
摘要：During boom-bust cycles in asset prices, monetary policy has the choice between two strategies: the proactive strategy of curbing asset price inflation and preventing a bust-induced credit crunch and the reactive strategy of loosening monetary policy conditions during the boom phase. We show that globalization makes the reactive strategy the favorable option in all situations, relatively to the proactive strategy. However, when employing an absolute comparison of calculating both strategies’ losses, the proactive strategy is the optimal choice in exceptional circumstances.
