Monetary Policy and Stock Prices in an Open Economy
在一个两国模型中研究货币政策，其中居民可投资股票和债券市场，发现两国央行需对相对生产率冲击引起的股价变动做出专门反应以实现价格稳定，并探讨了理性预期均衡的确定性和简单货币政策规则对威克塞尔利率政策的近似。
This paper studies monetary policy in a two‐country model where agents can invest their wealth in both stock and bond markets. In our economy the foreign country hosts the only active equity market where also residents of the home country can trade stocks of listed foreign firms. We show that, in order to achieve price stability, the Central Banks in both countries should grant a dedicated response to movements in stock prices driven by relative productivity shocks. Determinacy of rational expectations equilibria and approximation of the Wicksellian interest rate policy by simple monetary policy rules are also investigated.