What Asset Prices Should Be Targeted by a Central Bank?
研究央行是否应应对资产价格波动以恢复均衡确定性，发现盯住有形资产（资本价格）有助于确定性，而盯住反映企业利润的无形资产（股价）则导致不确定性。
This paper investigates the monetary policy design for restoring equilibrium determinacy. Our interests are whether a central bank should respond to asset price fluctuations, and if so, what asset prices should be targeted. We show that a monetary policy response to the price of a productive tangible asset (capital price) is helpful for equilibrium determinacy, while that to the price of an intangible asset that reflects a firm's profit (share prices) is a source of equilibrium indeterminacy. This result comes from the two assets' prices moving in opposite directions in response to a permanent increase in inflation.