Monetary Policy and Bubbles in a New Keynesian Model with Overlapping Generations
扩展了新凯恩斯模型，引入有限寿命的世代交叠和随机退出机制，研究资产价格泡沫存在的理性预期均衡条件，以及何种货币政策规则能防止泡沫驱动的波动，并讨论福利含义。
I analyze an extension of the New Keynesian model that features overlapping generations of finitely lived agents and (stochastic) transitions to inactivity. In contrast with the standard model, the proposed framework allows for the existence of rational expectations equilibria with asset price bubbles. I study the conditions under which bubble-driven fluctuations may emerge and the type of monetary policy rules that may prevent them. I conclude by discussing some of the model’s welfare implications.