Monetary Policy and Rational Asset Price Bubbles
通过一个包含名义刚性的世代交叠模型，研究不同货币政策规则对理性资产价格泡沫的影响，发现为应对泡沫而加息反而加剧泡沫波动，最优政策需平衡泡沫与总需求稳定，质疑了“逆风干预”政策的理论基础。
I examine the impact of alternative monetary policy rules on a rational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to enhance the fluctuations in the latter, through its positive effect on bubble growth. The optimal monetary policy seeks to strike a balance between stabilization of the bubble and stabilization of aggregate demand. The paper's main findings call into question the theoretical foundations of the case for “leaning against the wind” monetary policies.