Monetary Policy and Rational Asset Price Bubbles: Comment
评论Galí（2014）关于货币政策规则可能加剧泡沫偏离稳态的结论，指出央行通过设定高于预期的利率总能抑制泡沫，但可能需要激进加息。
Galí (2014) showed that a monetary policy rule that raises rates when bubbles exceed some steady-state benchmark can paradoxically lead to larger deviations from steady state. Nevertheless, this comment shows that a central bank can always dampen a bubble by setting a higher-than-expected rate, although it may have to raise the rate aggressively. This is a different point from the Miao, Shen, and Wang (2019) comment on Galí (2014). They showed that when the central bank targets a different steady state than Galí considered, raising rates when bubbles exceed this alternative benchmark leads to smaller deviations from steady state.