Managing Bubbles in Experimental Asset Markets with Monetary Policy
通过学习预测实验，研究“逆风”货币政策对资产价格泡沫的影响，发现强利率响应能有效防止或消除大泡沫，而弱响应无效；沟通政策目标有助于稳定预期，但基于代理变量的规则效果较差。
Abstract We study the effect of a “leaning against the wind” monetary policy on asset price bubbles in a learning‐to‐forecast experiment, where prices are driven by the expectations of market participants. We find that a strong interest rate response is successful in preventing or deflating large price bubbles, while a weak response is not. Giving information about the interest rate changes and communicating the goal of the policy increases coordination of expectations and has a stabilizing effect. When the steady‐state fundamental price is unknown and the interest rate rule is based on a proxy instead, the policy is less effective.