Macroeconomic Effects of Asset‐Price Shocks in a Globalized Financial Market
研究资产价格冲击通过信贷渠道影响实体经济的模型，发现金融全球化使经济对国内资产价格冲击的脆弱性降低，但对国外冲击更敏感，货币政策应关注全球资产价格。
Abstract In this paper, I study a model in which shocks to asset prices affect the real sector of the economy through a credit channel. As financial markets become internationally integrated, the economy becomes less vulnerable to domestic asset‐price shocks, but more vulnerable to foreign asset‐price shocks. To the extent that monetary policy stabilization is feasible and desirable, the globalization of financial markets shifts the focus of monetary policy from domestic asset prices to worldwide asset prices.